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Allowance for Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] |
Schedule of the Allowance for Loan Losses by Portfolio Segment | The following table provides a rollforward of the ALLL and the reserve for unfunded lending commitments by portfolio type for the three and nine months ended September 30, 2024 and 2023:
ROLLFORWARD OF ALLL & RESERVE FOR UNFUNDED LENDING COMMITMENTS
(Dollars in millions) |  | Commercial, Financial, and Industrial (a) |  | Commercial Real Estate |  | Consumer Real Estate |  | Credit Card and Other |  | Total
|  | Three Months Ended September 30, 2024
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2024 |  | $ | 344 |  |  | $ | 221 |  |  | $ | 231 |  |  | $ | 25 |  |  | $ | 821 |
Charge-offs |  | (12) |  |  | (15) |  |  | (1) |  |  | (5) |  |  | (33) |
Recoveries |  | 4 |  |  | 1 |  |  | 3 |  |  | 1 |  |  | 9 |
Provision for loan and lease losses |  | 16 |  |  | 11 |  |  | (3) |  |  | 2 |  |  | 26 |
Balance as of September 30, 2024 |  | $ | 352 |  |  | $ | 218 |  |  | $ | 230 |  |  | $ | 23 |  |  | $ | 823 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2024 |  | $ | 44 |  |  | $ | 10 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 66 |
Provision for remaining unfunded commitments |  | 11 |  |  | (2) |  |  | — |  |  | — |  |  | 9 |
Balance as of September 30, 2024 |  | 55 |  |  | 8 |  |  | 12 |  |  | — |  |  | 75 |
Allowance for credit losses as of September 30, 2024 |  | $ | 407 |  |  | $ | 226 |  |  | $ | 242 |  |  | $ | 23 |  |  | $ | 898 |
|  | Three Months Ended September 30, 2023
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2023 |  | $ | 326 |  |  | $ | 159 |  |  | $ | 221 |  |  | $ | 31 |  |  | $ | 737 |
Charge-offs (b) |  | (91) |  |  | (5) |  |  | (1) |  |  | (7) |  |  | (104) |
Recoveries |  | 5 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | 9 |
Provision for loan and lease losses |  | 95 |  |  | 14 |  |  | 6 |  |  | 3 |  |  | 118 |
Balance as of September 30, 2023 |  | $ | 335 |  |  | $ | 169 |  |  | $ | 228 |  |  | $ | 28 |  |  | $ | 760 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of July 1, 2023 |  | $ | 55 |  |  | $ | 24 |  |  | $ | 11 |  |  | $ | — |  |  | $ | 90 |
Provision for remaining unfunded commitments |  | (6) |  |  | (3) |  |  | 1 |  |  | — |  |  | (8) |
Balance as of September 30, 2023 |  | 49 |  |  | 21 |  |  | 12 |  |  | — |  |  | 82 |
Allowance for credit losses as of September 30, 2023 |  | $ | 384 |  |  | $ | 190 |  |  | $ | 240 |  |  | $ | 28 |  |  | $ | 842 |
(Dollars in millions) |  | Commercial, Financial, and Industrial (a) |  | Commercial Real Estate |  | Consumer Real Estate |  | Credit Card and Other |  | Total
|  | Nine Months Ended September 30, 2024
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2024 |  | $ | 339 |  |  | $ | 172 |  |  | $ | 233 |  |  | $ | 29 |  |  | $ | 773 |
Charge-offs |  | (64) |  |  | (47) |  |  | (2) |  |  | (15) |  |  | (128) |
Recoveries |  | 19 |  |  | 1 |  |  | 6 |  |  | 4 |  |  | 30 |
Provision for loan and lease losses |  | 58 |  |  | 92 |  |  | (7) |  |  | 5 |  |  | 148 |
Balance as of September 30, 2024 |  | $ | 352 |  |  | $ | 218 |  |  | $ | 230 |  |  | $ | 23 |  |  | $ | 823 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2024 |  | $ | 49 |  |  | $ | 22 |  |  | $ | 12 |  |  | $ | — |  |  | $ | 83 |
Provision for remaining unfunded commitments |  | 6 |  |  | (14) |  |  | — |  |  | — |  |  | (8) |
Balance as of September 30, 2024 |  | 55 |  |  | 8 |  |  | 12 |  |  | — |  |  | 75 |
Allowance for credit losses as of September 30, 2024 |  | $ | 407 |  |  | $ | 226 |  |  | $ | 242 |  |  | $ | 23 |  |  | $ | 898 |
|  | Nine Months Ended September 30, 2023
Allowance for loan and lease losses: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2023 |  | $ | 308 |  |  | $ | 146 |  |  | $ | 200 |  |  | $ | 31 |  |  | $ | 685 |
Adoption of ASU 2022-02 |  | 1 |  |  | — |  |  | (7) |  |  | — |  |  | (6) |
Charge-offs (b) |  | (124) |  |  | (15) |  |  | (3) |  |  | (17) |  |  | (159) |
Recoveries |  | 12 |  |  | 2 |  |  | 7 |  |  | 4 |  |  | 25 |
Provision for loan and lease losses |  | 138 |  |  | 36 |  |  | 31 |  |  | 10 |  |  | 215 |
Balance as of September 30, 2023 |  | $ | 335 |  |  | $ | 169 |  |  | $ | 228 |  |  | $ | 28 |  |  | $ | 760 |
Reserve for remaining unfunded commitments: |  |  |  |  |  |  |  |  |  |
Balance as of January 1, 2023 |  | $ | 55 |  |  | $ | 22 |  |  | $ | 10 |  |  | $ | — |  |  | $ | 87 |
Provision for remaining unfunded commitments |  | (6) |  |  | (1) |  |  | 2 |  |  | — |  |  | (5) |
Balance as of September 30, 2023 |  | 49 |  |  | 21 |  |  | 12 |  |  | — |  |  | 82 |
Allowance for credit losses as of September 30, 2023 |  | $ | 384 |  |  | $ | 190 |  |  | $ | 240 |  |  | $ | 28 |  |  | $ | 842 |
(a) C&I loans as of September 30, 2024 and 2023 include $15 million and $35 million in PPP loans, respectively, which due to the government guarantee and forgiveness provisions are considered to have no credit risk and therefore have no allowance for loan and lease losses. (b) Charge-offs in the C&I portfolio in 2023 include $72 million from a single credit from a company in bankruptcy.
Schedule of Gross Charge offs by Year of Origination | The following table presents gross charge-offs by year of origination for the nine months ended September 30, 2024 and 2023:
GROSS CHARGE-OFFS
(Dollars in millions) |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior to 2020 |  | Revolving Loans |  | Total
C&I |  | $ | — |  |  | $ | 13 |  |  | $ | 13 |  |  | $ | 23 |  |  | $ | 1 |  |  | $ | 11 |  |  | $ | 3 |  |  | $ | 64 |
CRE |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 16 |  |  | 30 |  |  | — |  |  | 47 |
Consumer Real Estate |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 2 |
Credit Card and Other |  | 6 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | 6 |  |  | 15 |
Total |  | $ | 6 |  |  | $ | 15 |  |  | $ | 15 |  |  | $ | 23 |  |  | $ | 17 |  |  | $ | 43 |  |  | $ | 9 |  |  | $ | 128 |
|  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior to 2019 |  | Revolving Loans |  | Total
C&I (a) |  | $ | 74 |  |  | $ | 13 |  |  | $ | 6 |  |  | $ | 4 |  |  | $ | 9 |  |  | $ | 13 |  |  | $ | 5 |  |  | $ | 124 |
CRE |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 13 |  |  | — |  |  | 15 |
Consumer Real Estate |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 3 |
Credit Card and Other |  | 9 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  | 5 |  |  | 17 |
Total |  | $ | 83 |  |  | $ | 13 |  |  | $ | 7 |  |  | $ | 5 |  |  | $ | 11 |  |  | $ | 30 |  |  | $ | 10 |  |  | $ | 159 |
(a) Includes $72 million from a single credit from a company in bankruptcy.

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