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Credit Quality And Allowance For Credit Losses | 12 Months Ended
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Dec. 31, 2021
Credit Quality And Allowance For Credit Losses [Abstract] |
Credit Quality And Allowance For Credit Losses | CREDIT QUALITY AND ALLOWANCE FOR CREDIT LOSSES The following table presents an aging analysis of the amortized cost basis of loans.
| Loans Past Due and Still Accruing |  |  |  |  |  |  |
(in millions) | 30-59 Days |  | 60-89 Days |  | 90 Days or More |  | Total |  | Nonaccrual Loans |  | Current Loans (a) |  | Total Loans
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 35 |  |  | $ | 18 |  |  | $ | 6 |  |  | $ | 59 |  |  | $ | 173 |  |  | $ | 29,134 |  |  |  | $ | 29,366 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,391 |  |  |  | 2,391 |
Other business lines (c) | 15 |  |  | 1 |  |  | — |  |  | 16 |  |  | 6 |  |  | 535 |  |  |  | 557 |
Total real estate construction | 15 |  |  | 1 |  |  | — |  |  | 16 |  |  | 6 |  |  | 2,926 |  |  |  | 2,948 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (b) | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 3,337 |  |  |  | 3,338 |
Other business lines (c) | 18 |  |  | 4 |  |  | 16 |  |  | 38 |  |  | 31 |  |  | 7,848 |  |  |  | 7,917 |
Total commercial mortgage | 18 |  |  | 4 |  |  | 16 |  |  | 38 |  |  | 32 |  |  | 11,185 |  |  |  | 11,255 |
Lease financing | 5 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 635 |  |  |  | 640 |
International | 5 |  |  | 8 |  |  | 1 |  |  | 14 |  |  | 5 |  |  | 1,189 |  |  |  | 1,208 |
Total business loans | 78 |  |  | 31 |  |  | 23 |  |  | 132 |  |  | 216 |  |  | 45,069 |  |  |  | 45,417 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 4 |  |  | — |  |  | — |  |  | 4 |  |  | 36 |  |  | 1,731 |  |  |  | 1,771 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 4 |  |  | 3 |  |  | — |  |  | 7 |  |  | 12 |  |  | 1,514 |  |  |  | 1,533 |
Other consumer | 32 |  |  | 1 |  |  | 4 |  |  | 37 |  |  | — |  |  | 527 |  |  |  | 564 |
Total consumer | 36 |  |  | 4 |  |  | 4 |  |  | 44 |  |  | 12 |  |  | 2,041 |  |  |  | 2,097 |
Total retail loans | 40 |  |  | 4 |  |  | 4 |  |  | 48 |  |  | 48 |  |  | 3,772 |  |  |  | 3,868 |
Total loans | $ | 118 |  |  | $ | 35 |  |  | $ | 27 |  |  | $ | 180 |  |  | $ | 264 |  |  | $ | 48,841 |  |  |  | $ | 49,285 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 62 |  |  | $ | 115 |  |  | $ | 33 |  |  | $ | 210 |  |  | $ | 252 |  |  | $ | 32,291 |  |  |  | $ | 32,753 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (b) | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 3,626 |  |  |  | 3,657 |
Other business lines (c) | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 1 |  |  | 415 |  |  |  | 425 |
Total real estate construction | 40 |  |  | — |  |  | — |  |  | 40 |  |  | 1 |  |  | 4,041 |  |  |  | 4,082 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (b) | 51 |  |  | 1 |  |  | — |  |  | 52 |  |  | 3 |  |  | 2,218 |  |  |  | 2,273 |
Other business lines (c) | 48 |  |  | 40 |  |  | 5 |  |  | 93 |  |  | 26 |  |  | 7,520 |  |  |  | 7,639 |
Total commercial mortgage | 99 |  |  | 41 |  |  | 5 |  |  | 145 |  |  | 29 |  |  | 9,738 |  |  |  | 9,912 |
Lease financing | 14 |  |  | — |  |  | 1 |  |  | 15 |  |  | 1 |  |  | 578 |  |  |  | 594 |
International | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 926 |  |  |  | 926 |
Total business loans | 215 |  |  | 156 |  |  | 39 |  |  | 410 |  |  | 283 |  |  | 47,574 |  |  |  | 48,267 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 11 |  |  | 4 |  |  | — |  |  | 15 |  |  | 47 |  |  | 1,768 |  |  |  | 1,830 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 7 |  |  | 1 |  |  | — |  |  | 8 |  |  | 17 |  |  | 1,563 |  |  |  | 1,588 |
Other consumer | 10 |  |  | — |  |  | 6 |  |  | 16 |  |  | — |  |  | 590 |  |  |  | 606 |
Total consumer | 17 |  |  | 1 |  |  | 6 |  |  | 24 |  |  | 17 |  |  | 2,153 |  |  |  | 2,194 |
Total retail loans | 28 |  |  | 5 |  |  | 6 |  |  | 39 |  |  | 64 |  |  | 3,921 |  |  |  | 4,024 |
Total loans | $ | 243 |  |  | $ | 161 |  |  | $ | 45 |  |  | $ | 449 |  |  | $ | 347 |  |  | $ | 51,495 |  |  |  | $ | 52,291 |
(a)Includes $22 million and $141 million of loans with deferred payments not considered past due in accordance with the CARES Act, at December 31, 2021 and 2020, respectively. (b)Primarily loans to real estate developers. (c)Primarily loans secured by owner-occupied real estate. The following table presents loans by credit quality indicator (CQI) and vintage year. CQI is based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. Vintage year is the year of origination or major modification.
| December 31, 2021 |  |
| Vintage Year |  |  |  |  |  |  |  |
(in millions) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Revolvers |  | Revolvers Converted to Term |  | Total |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | $ | 5,270 |  | (b) | $ | 1,740 |  | (b) | $ | 1,528 |  |  | $ | 947 |  |  | $ | 713 |  |  | $ | 763 |  |  | $ | 17,241 |  |  | $ | 10 |  |  | $ | 28,212 |  |  |
Criticized (c) | 101 |  |  | 120 |  |  | 105 |  |  | 86 |  |  | 26 |  |  | 94 |  |  | 620 |  |  | 2 |  |  | 1,154 |  |  |
Total commercial | 5,371 |  |  | 1,860 |  |  | 1,633 |  |  | 1,033 |  |  | 739 |  |  | 857 |  |  | 17,861 |  |  | 12 |  |  | 29,366 |  |  |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 458 |  |  | 858 |  |  | 849 |  |  | 424 |  |  | 158 |  |  | 34 |  |  | 132 |  |  | — |  |  | 2,913 |  |  |
Criticized (c) | — |  |  | 3 |  |  | — |  |  | 13 |  |  | 8 |  |  | 8 |  |  | 3 |  |  | — |  |  | 35 |  |  |
Total real estate construction | 458 |  |  | 861 |  |  | 849 |  |  | 437 |  |  | 166 |  |  | 42 |  |  | 135 |  |  | — |  |  | 2,948 |  |  |
Commercial mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 2,491 |  |  | 1,932 |  |  | 1,444 |  |  | 1,343 |  |  | 1,018 |  |  | 2,298 |  |  | 481 |  |  | — |  |  | 11,007 |  |  |
Criticized (c) | 17 |  |  | 44 |  |  | 50 |  |  | 22 |  |  | 23 |  |  | 87 |  |  | 5 |  |  | — |  |  | 248 |  |  |
Total commercial mortgage | 2,508 |  |  | 1,976 |  |  | 1,494 |  |  | 1,365 |  |  | 1,041 |  |  | 2,385 |  |  | 486 |  |  | — |  |  | 11,255 |  |  |
Lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 166 |  |  | 88 |  |  | 97 |  |  | 50 |  |  | 38 |  |  | 179 |  |  | — |  |  | — |  |  | 618 |  |  |
Criticized (c) | — |  |  | 2 |  |  | 10 |  |  | 8 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 22 |  |  |
Total lease financing | 166 |  |  | 90 |  |  | 107 |  |  | 58 |  |  | 39 |  |  | 180 |  |  | — |  |  | — |  |  | 640 |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 381 |  |  | 141 |  |  | 103 |  |  | 29 |  |  | 1 |  |  | 16 |  |  | 480 |  |  | — |  |  | 1,151 |  |  |
Criticized (c) | 20 |  |  | 10 |  |  | 3 |  |  | 5 |  |  | 4 |  |  | 8 |  |  | 7 |  |  | — |  |  | 57 |  |  |
Total international | 401 |  |  | 151 |  |  | 106 |  |  | 34 |  |  | 5 |  |  | 24 |  |  | 487 |  |  | — |  |  | 1,208 |  |  |
Total business loans | 8,904 |  |  | 4,938 |  |  | 4,189 |  |  | 2,927 |  |  | 1,990 |  |  | 3,488 |  |  | 18,969 |  |  | 12 |  |  | 45,417 |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 443 |  |  | 527 |  |  | 164 |  |  | 83 |  |  | 111 |  |  | 407 |  |  | — |  |  | — |  |  | 1,735 |  |  |
Criticized (c) | 5 |  |  | — |  |  | 1 |  |  | 2 |  |  | 7 |  |  | 21 |  |  | — |  |  | — |  |  | 36 |  |  |
Total residential mortgage | 448 |  |  | 527 |  |  | 165 |  |  | 85 |  |  | 118 |  |  | 428 |  |  | — |  |  | — |  |  | 1,771 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11 |  |  | 1,460 |  |  | 45 |  |  | 1,516 |  |  |
Criticized (c) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 12 |  |  | 4 |  |  | 17 |  |  |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | 1,472 |  |  | 49 |  |  | 1,533 |  |  |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 101 |  |  | 68 |  |  | 13 |  |  | 9 |  |  | 1 |  |  | 31 |  |  | 337 |  |  | — |  |  | 560 |  |  |
Criticized (c) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |  |  |
Total other consumer | 101 |  |  | 68 |  |  | 13 |  |  | 9 |  |  | 1 |  |  | 31 |  |  | 341 |  |  | — |  |  | 564 |  |  |
Total consumer | 101 |  |  | 68 |  |  | 13 |  |  | 9 |  |  | 1 |  |  | 43 |  |  | 1,813 |  |  | 49 |  |  | 2,097 |  |  |
Total retail loans | 549 |  |  | 595 |  |  | 178 |  |  | 94 |  |  | 119 |  |  | 471 |  |  | 1,813 |  |  | 49 |  |  | 3,868 |  |  |
Total loans | $ | 9,453 |  |  | $ | 5,533 |  |  | $ | 4,367 |  |  | $ | 3,021 |  |  | $ | 2,109 |  |  | $ | 3,959 |  |  | $ | 20,782 |  |  | $ | 61 |  |  | $ | 49,285 |  |  |
Table continues on the following page.
| December 31, 2020 |  |
| Vintage Year |  |  |  |  |  |  |  |
| 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior |  | Revolvers |  | Revolvers Converted to Term |  | Total |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | $ | 5,991 |  | (b) | $ | 2,316 |  |  | $ | 1,563 |  |  | $ | 1,051 |  |  | $ | 429 |  |  | $ | 755 |  |  | $ | 18,416 |  |  | $ | 17 |  |  | $ | 30,538 |  |  |
Criticized (c) | 30 |  |  | 281 |  |  | 191 |  |  | 116 |  |  | 64 |  |  | 166 |  |  | 1,365 |  |  | 2 |  |  | 2,215 |  |  |
Total commercial | 6,021 |  |  | 2,597 |  |  | 1,754 |  |  | 1,167 |  |  | 493 |  |  | 921 |  |  | 19,781 |  |  | 19 |  |  | 32,753 |  |  |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 433 |  |  | 1,080 |  |  | 1,244 |  |  | 631 |  |  | 335 |  |  | 141 |  |  | 171 |  |  | — |  |  | 4,035 |  |  |
Criticized (c) | 3 |  |  | 28 |  |  | 5 |  |  | 8 |  |  | — |  |  | 1 |  |  | 2 |  |  | — |  |  | 47 |  |  |
Total real estate construction | 436 |  |  | 1,108 |  |  | 1,249 |  |  | 639 |  |  | 335 |  |  | 142 |  |  | 173 |  |  | — |  |  | 4,082 |  |  |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 2,053 |  |  | 1,559 |  |  | 1,146 |  |  | 1,120 |  |  | 818 |  |  | 2,272 |  |  | 431 |  |  | — |  |  | 9,399 |  |  |
Criticized (c) | 47 |  |  | 130 |  |  | 42 |  |  | 45 |  |  | 41 |  |  | 193 |  |  | 15 |  |  | — |  |  | 513 |  |  |
Total commercial mortgage | 2,100 |  |  | 1,689 |  |  | 1,188 |  |  | 1,165 |  |  | 859 |  |  | 2,465 |  |  | 446 |  |  | — |  |  | 9,912 |  |  |
Lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 109 |  |  | 122 |  |  | 71 |  |  | 50 |  |  | 14 |  |  | 201 |  |  | — |  |  | — |  |  | 567 |  |  |
Criticized (c) | 2 |  |  | 17 |  |  | 5 |  |  | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 27 |  |  |
Total lease financing | 111 |  |  | 139 |  |  | 76 |  |  | 52 |  |  | 15 |  |  | 201 |  |  | — |  |  | — |  |  | 594 |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 274 |  |  | 161 |  |  | 103 |  |  | 11 |  |  | 3 |  |  | 64 |  |  | 245 |  |  | — |  |  | 861 |  |  |
Criticized (c) | 13 |  |  | 8 |  |  | 18 |  |  | 4 |  |  | 7 |  |  | 2 |  |  | 13 |  |  | — |  |  | 65 |  |  |
Total international | 287 |  |  | 169 |  |  | 121 |  |  | 15 |  |  | 10 |  |  | 66 |  |  | 258 |  |  | — |  |  | 926 |  |  |
Total business loans | 8,955 |  |  | 5,702 |  |  | 4,388 |  |  | 3,038 |  |  | 1,712 |  |  | 3,795 |  |  | 20,658 |  |  | 19 |  |  | 48,267 |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 639 |  |  | 230 |  |  | 119 |  |  | 197 |  |  | 196 |  |  | 398 |  |  | — |  |  | — |  |  | 1,779 |  |  |
Criticized (c) | 7 |  |  | 2 |  |  | 2 |  |  | 6 |  |  | 2 |  |  | 32 |  |  | — |  |  | — |  |  | 51 |  |  |
Total residential mortgage | 646 |  |  | 232 |  |  | 121 |  |  | 203 |  |  | 198 |  |  | 430 |  |  | — |  |  | — |  |  | 1,830 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15 |  |  | 1,489 |  |  | 63 |  |  | 1,567 |  |  |
Criticized (c) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | 13 |  |  | 7 |  |  | 21 |  |  |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | 1,502 |  |  | 70 |  |  | 1,588 |  |  |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 113 |  |  | 23 |  |  | 12 |  |  | 2 |  |  | 3 |  |  | 41 |  |  | 404 |  |  | — |  |  | 598 |  |  |
Criticized (c) | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 8 |  |  |
Total other consumer | 113 |  |  | 23 |  |  | 14 |  |  | 2 |  |  | 3 |  |  | 41 |  |  | 410 |  |  | — |  |  | 606 |  |  |
Total consumer | 113 |  |  | 23 |  |  | 14 |  |  | 2 |  |  | 3 |  |  | 57 |  |  | 1,912 |  |  | 70 |  |  | 2,194 |  |  |
Total retail loans | 759 |  |  | 255 |  |  | 135 |  |  | 205 |  |  | 201 |  |  | 487 |  |  | 1,912 |  |  | 70 |  |  | 4,024 |  |  |
Total loans | $ | 9,714 |  |  | $ | 5,957 |  |  | $ | 4,523 |  |  | $ | 3,243 |  |  | $ | 1,913 |  |  | $ | 4,282 |  |  | $ | 22,570 |  |  | $ | 89 |  |  | $ | 52,291 |  |  |
(a)Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b)Includes Small Business Administration Paycheck Protection Program (PPP) loans of $292 million and $166 million originating in 2021 and 2020, respectively, at December 31, 2021, and PPP loans of $3.5 billion originating in 2020 at December 31, 2020. (c)Includes loans with an internal rating of special mention, substandard loans for which the accrual of interest has not been discontinued and nonaccrual loans. Special mention loans have potential credit weaknesses that deserve management’s close attention, such as loans to borrowers who may be experiencing financial difficulties that may result in deterioration of repayment prospects from the borrower at some future date. Accruing substandard loans have a well-defined weakness, or weaknesses, such as loans to borrowers who may be experiencing losses from operations or inadequate liquidity of a degree and duration that jeopardizes the orderly repayment of the loan. Substandard loans are also distinguished by the distinct possibility of loss in the future if these weaknesses are not corrected. Nonaccrual loans are loans for which the accrual of interest has been discontinued. For further information regarding nonaccrual loans, refer to the Nonperforming Assets subheading in Note 1 - Basis of Presentation and Accounting Policies. These categories are generally consistent with the "special mention" and "substandard" categories as defined by regulatory authorities. A minority of nonaccrual loans are consistent with the "doubtful" category. Loan interest receivable totaled $120 million and $141 million at December 31, 2021 and 2020, respectively, and was included in accrued income and other assets on the Consolidated Balance Sheets. Allowance for Credit Losses The following table details the changes in the allowance for credit losses.
| 2021 |  | 2020 |  | 2019
(in millions) | Business Loans |  | Retail Loans |  | Total |  | Business Loans |  | Retail Loans |  | Total |  | Business Loans |  | Retail Loans |  | Total
Years Ended December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | $ | 895 |  |  | $ | 53 |  |  | $ | 948 |  |  | $ | 601 |  |  | $ | 36 |  |  | $ | 637 |  |  | $ | 627 |  |  | $ | 44 |  |  | $ | 671 |
Allowance for credit losses on lending-related commitments | 35 |  |  | 9 |  |  | 44 |  |  | 28 |  |  | 3 |  |  | 31 |  |  | 26 |  |  | 4 |  |  | 30 |
Allowance for credit losses | 930 |  |  | 62 |  |  | 992 |  |  | 629 |  |  | 39 |  |  | 668 |  |  | 653 |  |  | 48 |  |  | 701 |
Cumulative effect of change in accounting principle | — |  |  | — |  |  | — |  |  | (42) |  |  | 25 |  |  | (17) |  |  | — |  |  | — |  |  | — |
Loan charge-offs | (67) |  |  | (3) |  |  | (70) |  |  | (233) |  |  | (5) |  |  | (238) |  |  | (147) |  |  | (5) |  |  | (152) |
Recoveries on loans previously charged-off | 76 |  |  | 4 |  |  | 80 |  |  | 38 |  |  | 4 |  |  | 42 |  |  | 40 |  |  | 5 |  |  | 45 |
Net loan recoveries (charge-offs) | 9 |  |  | 1 |  |  | 10 |  |  | (195) |  |  | (1) |  |  | (196) |  |  | (107) |  |  | — |  |  | (107) |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses | (373) |  |  | 3 |  |  | (370) |  |  | 531 |  |  | (7) |  |  | 524 |  |  | 81 |  |  | (8) |  |  | 73 |
Provision for credit losses on lending-related commitments | (11) |  |  | (3) |  |  | (14) |  |  | 7 |  |  | 6 |  |  | 13 |  |  | 2 |  |  | (1) |  |  | 1 |
Provision for credit losses | (384) |  |  | — |  |  | (384) |  |  | 538 |  |  | (1) |  |  | 537 |  |  | 83 |  |  | (9) |  |  | 74 |
Balance at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | 531 |  |  | 57 |  |  | 588 |  |  | 895 |  |  | 53 |  |  | 948 |  |  | 601 |  |  | 36 |  |  | 637 |
Allowance for credit losses on lending-related commitments | 24 |  |  | 6 |  |  | 30 |  |  | 35 |  |  | 9 |  |  | 44 |  |  | 28 |  |  | 3 |  |  | 31 |
Allowance for credit losses | $ | 555 |  |  | $ | 63 |  |  | $ | 618 |  |  | $ | 930 |  |  | $ | 62 |  |  | $ | 992 |  |  | $ | 629 |  |  | $ | 39 |  |  | $ | 668 |
Allowance for loan losses as a percentage of total loans | 1.17 | % |  | 1.47 | % |  | 1.19 | % |  | 1.85 | % |  | 1.32 | % |  | 1.81 | % |  | 1.30 | % |  | 0.84 | % |  | 1.27 | %
Allowance for loan losses as a percentage of total loans excluding PPP loans | 1.18 |  |  | n/a |  | 1.20 |  |  | 2.00 |  | n/a |  | 1.94 |  | n/a |  | n/a |  | n/a
Allowance for credit losses as a percentage of total loans | 1.22 |  |  | 1.63 |  |  | 1.26 |  |  | 1.93 |  |  | 1.55 |  |  | 1.90 |  |  | 1.37 |  |  | 0.91 |  |  | 1.33 |
Allowance for credit losses as a percentage of total loans excluding PPP loans | 1.24 |  |  | n/a |  | 1.27 |  |  | 2.08 |  | n/a |  | 2.03 |  | n/a |  | n/a |  | n/a
n/a - not applicable Nonaccrual Loans The following table presents additional information regarding nonaccrual loans. No interest income was recognized on nonaccrual loans for the years ended December 31, 2021, 2020 and 2019.
(in millions) | Nonaccrual Loans with No Related Allowance |  | Nonaccrual Loans with Related Allowance |  | Total Nonaccrual Loans
December 31, 2021 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 8 |  |  | $ | 165 |  |  | $ | 173 |
Real estate construction: |  |  |  |  |
Other business lines (a) | — |  |  | 6 |  |  | 6 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (b) | — |  |  | 1 |  |  | 1 |
Other business lines (a) | 4 |  |  | 27 |  |  | 31 |
Total commercial mortgage | 4 |  |  | 28 |  |  | 32 |
International | — |  |  | 5 |  |  | 5 |
Total business loans | 12 |  |  | 204 |  |  | 216 |
Retail loans: |  |  |  |  |
Residential mortgage | 36 |  |  | — |  |  | 36 |
Consumer: |  |  |  |  |
Home equity | 12 |  |  | — |  |  | 12 |
Total retail loans | 48 |  |  | — |  |  | 48 |
Total nonaccrual loans | $ | 60 |  |  | $ | 204 |  |  | $ | 264 |
December 31, 2020 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 57 |  |  | $ | 195 |  |  | $ | 252 |
Real estate construction: |  |  |  |  |
Other business lines (a) | — |  |  | 1 |  |  | 1 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (b) | 1 |  |  | 2 |  |  | 3 |
Other business lines (a) | 5 |  |  | 21 |  |  | 26 |
Total commercial mortgage | 6 |  |  | 23 |  |  | 29 |
Lease financing | — |  |  | 1 |  |  | 1 |
Total business loans | 63 |  |  | 220 |  |  | 283 |
Retail loans: |  |  |  |  |
Residential mortgage | 47 |  |  | — |  |  | 47 |
Consumer: |  |  |  |  |
Home equity | 17 |  |  | — |  |  | 17 |
Total retail loans | 64 |  |  | — |  |  | 64 |
Total nonaccrual loans | $ | 127 |  |  | $ | 220 |  |  | $ | 347 |
(a)Primarily loans secured by owner-occupied real estate. (b)Primarily loans to real estate developers. Foreclosed Properties Foreclosed properties totaled $1 million and $8 million at December 31, 2021 and 2020, respectively. There were no retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans in either of the years ended December 31, 2021 and 2020. Troubled Debt Restructurings The following table details the amortized cost basis at December 31, 2021 and 2020 of loans considered to be TDRs that were restructured during the years ended December 31, 2021 and 2020, by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification.
| 2021 |  | 2020
| Type of Modification |  |  | Type of Modification |
(in millions) | Principal Deferrals (a) | Interest Rate Reductions |  | Total Modifications |  | Principal Deferrals (a) | Interest Rate Reductions |  | Total Modifications
Years Ended December 31, |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |
Commercial | $ | 8 |  | $ | — |  |  | $ | 8 |  |  | $ | 18 |  | $ | — |  |  | $ | 18 |
Commercial mortgage: |  |  |  |  |  |  |  |  |
Other business lines (b) | — |  | — |  |  | — |  |  | 2 |  | — |  |  | 2 |
Total business loans | 8 |  | — |  |  | 8 |  |  | 20 |  | — |  |  | 20 |
Retail loans: |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |
Home equity (c) | — |  | 2 |  |  | 2 |  |  | — |  | 2 |  |  | 2 |
Total retail loans | — |  | 2 |  |  | 2 |  |  | — |  | 2 |  |  | 2 |
Total loans | $ | 8 |  | $ | 2 |  |  | $ | 10 |  |  | $ | 20 |  | $ | 2 |  |  | $ | 22 |
(a)Primarily represents loan balances where terms were extended by more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Also includes commercial loans restructured in bankruptcy. (b)Primarily loans secured by owner-occupied real estate. (c)Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt. The Corporation charges interest on principal balances outstanding during deferral periods. Additionally, none of the modifications involved forgiveness of principal. There were no commitments to lend additional funds to borrowers whose terms have been modified in TDRs at December 31, 2021 and 2020. On an ongoing basis, the Corporation monitors the performance of modified loans to their restructured terms. The allowance for loan losses continues to be reassessed on the basis of an individual evaluation of the loan. Loans with terms extended by more than an insignificant time period in accordance with the provisions of the CARES Act, primarily retail loans, were $22 million and $72 million at December 31, 2021 and 2020, respectively and not reported as TDRs. For principal deferrals, incremental deterioration in the credit quality of the loan, represented by a downgrade in the risk rating of the loan, for example, due to missed interest payments or a reduction of collateral value, is considered a subsequent default. For interest rate reductions, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due. Of the TDRs modified during the years ended December 31, 2021 and 2020, there were no subsequent defaults of principal deferrals or interest rate reductions for the year ended December 31, 2021, compared to $10 million of principal deferrals and no interest rate reductions in the comparable period in 2020.

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