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Credit Quality And Allowance For Credit Losses (Tables) | 9 Months Ended
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Sep. 30, 2024
Credit Loss [Abstract] |
Aging Analysis Of Loans | 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 |  | Total Loans
September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 24 |  |  | $ | 44 |  |  | $ | 14 |  |  | $ | 82 |  |  | $ | 97 |  |  | $ | 25,774 |  |  | $ | 25,953 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,571 |  |  | 3,571 |
Other business lines (b) | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 284 |  |  | 288 |
Total real estate construction | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 3,855 |  |  | 3,859 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | 6 |  |  | — |  |  | — |  |  | 6 |  |  | 18 |  |  | 6,172 |  |  | 6,196 |
Other business lines (b) | 32 |  |  | 6 |  |  | 7 |  |  | 45 |  |  | 70 |  |  | 8,463 |  |  | 8,578 |
Total commercial mortgage | 38 |  |  | 6 |  |  | 7 |  |  | 51 |  |  | 88 |  |  | 14,635 |  |  | 14,774 |
Lease financing | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 1 |  |  | 761 |  |  | 767 |
International | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 1,000 |  |  | 1,003 |
Total business loans | 71 |  |  | 50 |  |  | 21 |  |  | 142 |  |  | 189 |  |  | 46,025 |  |  | 46,356 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 11 |  |  | 3 |  |  | — |  |  | 14 |  |  | 36 |  |  | 1,851 |  |  | 1,901 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 8 |  |  | 2 |  |  | — |  |  | 10 |  |  | 25 |  |  | 1,759 |  |  | 1,794 |
Other consumer | 2 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 464 |  |  | 466 |
Total consumer | 10 |  |  | 2 |  |  | — |  |  | 12 |  |  | 25 |  |  | 2,223 |  |  | 2,260 |
Total retail loans | 21 |  |  | 5 |  |  | — |  |  | 26 |  |  | 61 |  |  | 4,074 |  |  | 4,161 |
Total loans | $ | 92 |  |  | $ | 55 |  |  | $ | 21 |  |  | $ | 168 |  |  | $ | 250 |  |  | $ | 50,099 |  |  | $ | 50,517 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 48 |  |  | $ | 14 |  |  | $ | 10 |  |  | $ | 72 |  |  | $ | 75 |  |  | $ | 27,104 |  |  | $ | 27,251 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,570 |  |  | 4,570 |
Other business lines (b) | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 2 |  |  | 508 |  |  | 513 |
Total real estate construction | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 2 |  |  | 5,078 |  |  | 5,083 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | 5 |  |  | — |  |  | — |  |  | 5 |  |  | 18 |  |  | 4,704 |  |  | 4,727 |
Other business lines (b) | 49 |  |  | 12 |  |  | 9 |  |  | 70 |  |  | 23 |  |  | 8,866 |  |  | 8,959 |
Total commercial mortgage | 54 |  |  | 12 |  |  | 9 |  |  | 75 |  |  | 41 |  |  | 13,570 |  |  | 13,686 |
Lease financing | 4 |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 803 |  |  | 807 |
International | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 20 |  |  | 1,081 |  |  | 1,102 |
Total business loans | 109 |  |  | 26 |  |  | 20 |  |  | 155 |  |  | 138 |  |  | 47,636 |  |  | 47,929 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 10 |  |  | 6 |  |  | — |  |  | 16 |  |  | 19 |  |  | 1,854 |  |  | 1,889 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 11 |  |  | 5 |  |  | — |  |  | 16 |  |  | 21 |  |  | 1,755 |  |  | 1,792 |
Other consumer | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 472 |  |  | 503 |
Total consumer | 42 |  |  | 5 |  |  | — |  |  | 47 |  |  | 21 |  |  | 2,227 |  |  | 2,295 |
Total retail loans | 52 |  |  | 11 |  |  | — |  |  | 63 |  |  | 40 |  |  | 4,081 |  |  | 4,184 |
Total loans | $ | 161 |  |  | $ | 37 |  |  | $ | 20 |  |  | $ | 218 |  |  | $ | 178 |  |  | $ | 51,717 |  |  | $ | 52,113 |
(a)Primarily loans to real estate developers. (b)Primarily loans secured by owner-occupied real estate.
Loans By Credit Quality Indicator and Vintage Year | The following table presents loans by credit quality indicator and vintage year. Credit quality indicator 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.
September 30, 2024 | Vintage Year |  |  |  |  |  |  |  |
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolvers |  | Revolvers Converted to Term |  | Total |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | $ | 2,365 |  |  | $ | 2,327 |  |  | $ | 2,067 |  |  | $ | 1,223 |  |  | $ | 453 |  |  | $ | 1,239 |  |  | $ | 14,934 |  |  | $ | 16 |  |  | $ | 24,624 |  |  |
Criticized (b) | 59 |  |  | 116 |  |  | 201 |  |  | 217 |  |  | 32 |  |  | 74 |  |  | 629 |  |  | 1 |  |  | 1,329 |  |  |
Total commercial | 2,424 |  |  | 2,443 |  |  | 2,268 |  |  | 1,440 |  |  | 485 |  |  | 1,313 |  |  | 15,563 |  |  | 17 |  |  | 25,953 |  |  |
Commercial gross charge-offs | 1 |  |  | 1 |  |  | 7 |  |  | 18 |  |  | 9 |  |  | 8 |  |  | 5 |  |  | 1 |  |  | 50 |  |  |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 104 |  |  | 661 |  |  | 2,005 |  |  | 730 |  |  | 39 |  |  | 26 |  |  | 256 |  |  | — |  |  | 3,821 |  |  |
Criticized (b) | — |  |  | — |  |  | 36 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 38 |  |  |
Total real estate construction | 104 |  |  | 661 |  |  | 2,041 |  |  | 730 |  |  | 39 |  |  | 28 |  |  | 256 |  |  | — |  |  | 3,859 |  |  |
Commercial mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 1,014 |  |  | 1,613 |  |  | 3,481 |  |  | 2,726 |  |  | 1,505 |  |  | 2,677 |  |  | 810 |  |  | — |  |  | 13,826 |  |  |
Criticized (b) | 76 |  |  | 185 |  |  | 262 |  |  | 66 |  |  | 54 |  |  | 287 |  |  | 18 |  |  | — |  |  | 948 |  |  |
Total commercial mortgage | 1,090 |  |  | 1,798 |  |  | 3,743 |  |  | 2,792 |  |  | 1,559 |  |  | 2,964 |  |  | 828 |  |  | — |  |  | 14,774 |  |  |
Commercial mortgage gross charge-offs | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 16 |  |  |
Lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 221 |  |  | 228 |  |  | 91 |  |  | 92 |  |  | 34 |  |  | 91 |  |  | — |  |  | — |  |  | 757 |  |  |
Criticized (b) | 2 |  |  | 5 |  |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 10 |  |  |
Total lease financing | 223 |  |  | 233 |  |  | 92 |  |  | 92 |  |  | 34 |  |  | 93 |  |  | — |  |  | — |  |  | 767 |  |  |
Lease financing gross charge-offs | 1 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 211 |  |  | 104 |  |  | 140 |  |  | 64 |  |  | 24 |  |  | 28 |  |  | 413 |  |  | — |  |  | 984 |  |  |
Criticized (b) | 7 |  |  | 2 |  |  | 2 |  |  | 6 |  |  | — |  |  | 1 |  |  | 1 |  |  | — |  |  | 19 |  |  |
Total international | 218 |  |  | 106 |  |  | 142 |  |  | 70 |  |  | 24 |  |  | 29 |  |  | 414 |  |  | — |  |  | 1,003 |  |  |
International gross charge-offs | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |
Total business loans | 4,059 |  |  | 5,241 |  |  | 8,286 |  |  | 5,124 |  |  | 2,141 |  |  | 4,427 |  |  | 17,061 |  |  | 17 |  |  | 46,356 |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 120 |  |  | 240 |  |  | 281 |  |  | 360 |  |  | 426 |  |  | 436 |  |  | — |  |  | — |  |  | 1,863 |  |  |
Criticized (b) | 4 |  |  | 1 |  |  | 1 |  |  | 2 |  |  | — |  |  | 30 |  |  | — |  |  | — |  |  | 38 |  |  |
Total residential mortgage | 124 |  |  | 241 |  |  | 282 |  |  | 362 |  |  | 426 |  |  | 466 |  |  | — |  |  | — |  |  | 1,901 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 1,680 |  |  | 76 |  |  | 1,762 |  |  |
Criticized (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 6 |  |  | 32 |  |  |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | 1,706 |  |  | 82 |  |  | 1,794 |  |  |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 25 |  |  | 12 |  |  | 28 |  |  | 16 |  |  | 7 |  |  | 49 |  |  | 326 |  |  | — |  |  | 463 |  |  |
Criticized (b) | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 3 |  |  |
Total other consumer | 25 |  |  | 12 |  |  | 30 |  |  | 16 |  |  | 7 |  |  | 49 |  |  | 327 |  |  | — |  |  | 466 |  |  |
Other consumer gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  |
Total consumer | 25 |  |  | 12 |  |  | 30 |  |  | 16 |  |  | 7 |  |  | 55 |  |  | 2,033 |  |  | 82 |  |  | 2,260 |  |  |
Total retail loans | 149 |  |  | 253 |  |  | 312 |  |  | 378 |  |  | 433 |  |  | 521 |  |  | 2,033 |  |  | 82 |  |  | 4,161 |  |  |
Total loans | $ | 4,208 |  |  | $ | 5,494 |  |  | $ | 8,598 |  |  | $ | 5,502 |  |  | $ | 2,574 |  |  | $ | 4,948 |  |  | $ | 19,094 |  |  | $ | 99 |  |  | $ | 50,517 |  |  |
Table continues on the following page. |  |
December 31, 2023 | Vintage Year |  |  |  |  |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolvers |  | Revolvers Converted to Term |  | Total |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | $ | 3,105 |  |  | $ | 3,013 |  |  | $ | 2,072 |  |  | $ | 593 |  |  | $ | 610 |  |  | $ | 1,033 |  |  | $ | 15,394 |  |  | $ | 13 |  |  | $ | 25,833 |  |  |
Criticized (b) | 85 |  |  | 169 |  |  | 226 |  |  | 42 |  |  | 59 |  |  | 75 |  |  | 760 |  |  | 2 |  |  | 1,418 |  |  |
Total commercial | 3,190 |  |  | 3,182 |  |  | 2,298 |  |  | 635 |  |  | 669 |  |  | 1,108 |  |  | 16,154 |  |  | 15 |  |  | 27,251 |  |  |
Commercial gross charge-offs | 1 |  |  | 11 |  |  | 2 |  |  | 1 |  |  | 11 |  |  | 12 |  |  | 3 |  |  | 1 |  |  | 42 |  |  |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 503 |  |  | 2,205 |  |  | 1,581 |  |  | 329 |  |  | 43 |  |  | 36 |  |  | 288 |  |  | — |  |  | 4,985 |  |  |
Criticized (b) | 2 |  |  | 53 |  |  | 34 |  |  | 2 |  |  | 7 |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  |
Total real estate construction | 505 |  |  | 2,258 |  |  | 1,615 |  |  | 331 |  |  | 50 |  |  | 36 |  |  | 288 |  |  | — |  |  | 5,083 |  |  |
Commercial mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 1,680 |  |  | 3,129 |  |  | 2,173 |  |  | 1,786 |  |  | 981 |  |  | 2,271 |  |  | 893 |  |  | — |  |  | 12,913 |  |  |
Criticized (b) | 15 |  |  | 232 |  |  | 99 |  |  | 34 |  |  | 248 |  |  | 141 |  |  | 4 |  |  | — |  |  | 773 |  |  |
Total commercial mortgage | 1,695 |  |  | 3,361 |  |  | 2,272 |  |  | 1,820 |  |  | 1,229 |  |  | 2,412 |  |  | 897 |  |  | — |  |  | 13,686 |  |  |
Commercial mortgage gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | 1 |  |  | — |  |  | — |  |  | 4 |  |  |
Lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 173 |  |  | 319 |  |  | 110 |  |  | 47 |  |  | 34 |  |  | 94 |  |  | — |  |  | — |  |  | 777 |  |  |
Criticized (b) | 5 |  |  | 8 |  |  | 3 |  |  | 3 |  |  | 7 |  |  | 4 |  |  | — |  |  | — |  |  | 30 |  |  |
Total lease financing | 178 |  |  | 327 |  |  | 113 |  |  | 50 |  |  | 41 |  |  | 98 |  |  | — |  |  | — |  |  | 807 |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 286 |  |  | 168 |  |  | 89 |  |  | 35 |  |  | 76 |  |  | 2 |  |  | 415 |  |  | — |  |  | 1,071 |  |  |
Criticized (b) | 15 |  |  | 2 |  |  | 7 |  |  | — |  |  | — |  |  | 6 |  |  | 1 |  |  | — |  |  | 31 |  |  |
Total international | 301 |  |  | 170 |  |  | 96 |  |  | 35 |  |  | 76 |  |  | 8 |  |  | 416 |  |  | — |  |  | 1,102 |  |  |
International gross charge-offs | 12 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 13 |  |  |
Total business loans | 5,869 |  |  | 9,298 |  |  | 6,394 |  |  | 2,871 |  |  | 2,065 |  |  | 3,662 |  |  | 17,755 |  |  | 15 |  |  | 47,929 |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 254 |  |  | 296 |  |  | 373 |  |  | 450 |  |  | 131 |  |  | 360 |  |  | — |  |  | — |  |  | 1,864 |  |  |
Criticized (b) | 2 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | 25 |  |  |
Total residential mortgage | 256 |  |  | 296 |  |  | 374 |  |  | 450 |  |  | 131 |  |  | 382 |  |  | — |  |  | — |  |  | 1,889 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1,695 |  |  | 59 |  |  | 1,762 |  |  |
Criticized (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 2 |  |  | 30 |  |  |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1,723 |  |  | 61 |  |  | 1,792 |  |  |
Home equity gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |  |  |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 23 |  |  | 38 |  |  | 22 |  |  | 8 |  |  | 4 |  |  | 46 |  |  | 362 |  |  | — |  |  | 503 |  |  |
Total other consumer | 23 |  |  | 38 |  |  | 22 |  |  | 8 |  |  | 4 |  |  | 46 |  |  | 362 |  |  | — |  |  | 503 |  |  |
Other consumer gross charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |
Total consumer | 23 |  |  | 38 |  |  | 22 |  |  | 8 |  |  | 4 |  |  | 54 |  |  | 2,085 |  |  | 61 |  |  | 2,295 |  |  |
Total retail loans | 279 |  |  | 334 |  |  | 396 |  |  | 458 |  |  | 135 |  |  | 436 |  |  | 2,085 |  |  | 61 |  |  | 4,184 |  |  |
Total loans | $ | 6,148 |  |  | $ | 9,632 |  |  | $ | 6,790 |  |  | $ | 3,329 |  |  | $ | 2,200 |  |  | $ | 4,098 |  |  | $ | 19,840 |  |  | $ | 76 |  |  | $ | 52,113 |  |  |
(a)Includes all loans not included in the categories of special mention, substandard or nonaccrual. (b)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 on page F-52 in the Corporation's 2023 Annual Report. 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.
Changes In The Allowance For Loan Losses | The following table details the changes in the allowance for credit losses.
| 2024 |  | 2023
(in millions) | Business Loans |  | Retail Loans |  | Total |  | Business Loans |  | Retail Loans |  | Total
Three Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period: |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | $ | 620 |  |  | $ | 66 |  |  | $ | 686 |  |  | $ | 614 |  |  | $ | 70 |  |  | $ | 684 |
Allowance for credit losses on lending-related commitments | 23 |  |  | 8 |  |  | 31 |  |  | 34 |  |  | 10 |  |  | 44 |
Allowance for credit losses | 643 |  |  | 74 |  |  | 717 |  |  | 648 |  |  | 80 |  |  | 728 |
Loan charge-offs | (23) |  |  | — |  |  | (23) |  |  | (13) |  |  | (1) |  |  | (14) |
Recoveries on loans previously charged-off | 12 |  |  | — |  |  | 12 |  |  | 7 |  |  | 1 |  |  | 8 |
Net loan charge-offs | (11) |  |  | — |  |  | (11) |  |  | (6) |  |  | — |  |  | (6) |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses | 9 |  |  | 2 |  |  | 11 |  |  | 18 |  |  | (2) |  |  | 16 |
Provision for credit losses on lending-related commitments | 3 |  |  | — |  |  | 3 |  |  | (1) |  |  | (1) |  |  | (2) |
Provision for credit losses | 12 |  |  | 2 |  |  | 14 |  |  | 17 |  |  | (3) |  |  | 14 |
Balance at end of period: |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | 618 |  |  | 68 |  |  | 686 |  |  | 626 |  |  | 68 |  |  | 694 |
Allowance for credit losses on lending-related commitments | 26 |  |  | 8 |  |  | 34 |  |  | 33 |  |  | 9 |  |  | 42 |
Allowance for credit losses | $ | 644 |  |  | $ | 76 |  |  | $ | 720 |  |  | $ | 659 |  |  | $ | 77 |  |  | $ | 736 |
Nine Months Ended September 30 |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | $ | 620 |  |  | $ | 68 |  |  | $ | 688 |  |  | $ | 541 |  |  | $ | 69 |  |  | $ | 610 |
Allowance for credit losses on lending-related commitments | 31 |  |  | 9 |  |  | 40 |  |  | 40 |  |  | 11 |  |  | 51 |
Allowance for credit losses | 651 |  |  | 77 |  |  | 728 |  |  | 581 |  |  | 80 |  |  | 661 |
Loan charge-offs | (71) |  |  | (1) |  |  | (72) |  |  | (34) |  |  | (3) |  |  | (37) |
Recoveries on loans previously charged-off | 34 |  |  | 2 |  |  | 36 |  |  | 33 |  |  | 2 |  |  | 35 |
Net loan (charge-offs) recoveries | (37) |  |  | 1 |  |  | (36) |  |  | (1) |  |  | (1) |  |  | (2) |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses | 35 |  |  | (1) |  |  | 34 |  |  | 86 |  |  | — |  |  | 86 |
Provision for credit losses on lending-related commitments | (5) |  |  | (1) |  |  | (6) |  |  | (7) |  |  | (2) |  |  | (9) |
Provision for credit losses | 30 |  |  | (2) |  |  | 28 |  |  | 79 |  |  | (2) |  |  | 77 |
Balance at end of period: |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | 618 |  |  | 68 |  |  | 686 |  |  | 626 |  |  | 68 |  |  | 694 |
Allowance for credit losses on lending-related commitments | 26 |  |  | 8 |  |  | 34 |  |  | 33 |  |  | 9 |  |  | 42 |
Allowance for credit losses | $ | 644 |  |  | $ | 76 |  |  | $ | 720 |  |  | $ | 659 |  |  | $ | 77 |  |  | $ | 736 |
Allowance for loan losses as a percentage of total loans | 1.33 | % |  | 1.63 | % |  | 1.36 | % |  | 1.27 | % |  | 1.62 | % |  | 1.30 | %
Allowance for credit losses as a percentage of total loans | 1.39 |  |  | 1.83 |  |  | 1.43 |  |  | 1.34 |  |  | 1.84 |  |  | 1.38 |
Financing Receivable, Nonaccrual | The following table presents additional information regarding nonaccrual loans. Interest income of $2 million was recognized on nonaccrual loans at both the three-month periods ended September 30, 2024 and 2023. The Corporation recognized interest income on nonaccrual loans of $8 million at both nine months ended September 30, 2024 and 2023.
(in millions) | Nonaccrual Loans with No Related Allowance |  | Nonaccrual Loans with Related Allowance |  | Total Nonaccrual Loans
September 30, 2024 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 22 |  |  | $ | 75 |  |  | $ | 97 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (a) | — |  |  | 18 |  |  | 18 |
Other business lines (b) | 8 |  |  | 62 |  |  | 70 |
Total commercial mortgage | 8 |  |  | 80 |  |  | 88 |
Lease financing | — |  |  | 1 |  |  | 1 |
International | — |  |  | 3 |  |  | 3 |
Total business loans | 30 |  |  | 159 |  |  | 189 |
Retail loans: |  |  |  |  |
Residential mortgage | 36 |  |  | — |  |  | 36 |
Consumer: |  |  |  |  |
Home equity | 25 |  |  | — |  |  | 25 |
Total retail loans | 61 |  |  | — |  |  | 61 |
Total nonaccrual loans | $ | 91 |  |  | $ | 159 |  |  | $ | 250 |
December 31, 2023 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 47 |  |  | $ | 28 |  |  | $ | 75 |
Real estate construction: |  |  |  |  |
Other business lines (b) | 2 |  |  | — |  |  | 2 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (a) | — |  |  | 18 |  |  | 18 |
Other business lines (b) | 17 |  |  | 6 |  |  | 23 |
Total commercial mortgage | 17 |  |  | 24 |  |  | 41 |
International | 3 |  |  | 17 |  |  | 20 |
Total business loans | 69 |  |  | 69 |  |  | 138 |
Retail loans: |  |  |  |  |
Residential mortgage | 19 |  |  | — |  |  | 19 |
Consumer: |  |  |  |  |
Home equity | 21 |  |  | — |  |  | 21 |
Total consumer | 21 |  |  | — |  |  | 21 |
Total retail loans | 40 |  |  | — |  |  | 40 |
Total nonaccrual loans | $ | 109 |  |  | $ | 69 |  |  | $ | 178 |
(a)Primarily loans to real estate developers. (b)Primarily loans secured by owner-occupied real estate.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty | The following table displays the amortized cost basis of FDMs at September 30, 2024 and 2023 that were restructured during the three- and nine-month periods ended September 30, 2024 and 2023 by type of modification.
(in millions) | Term Extension (a) |  | Payment Delay (a) |  | Interest Rate Reduction |  | Combinations (b) |  | Total |  | Percent of Total Class |
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 93 |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 98 |  |  | 0.38 | % |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 0.11 |  |
Total commercial mortgage | 9 |  |  | — |  |  | — |  |  | — |  |  | 9 |  |  | 0.06 |  |
International | 2 |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  | 0.16 |  |
Total business loans | 104 |  |  | — |  |  | — |  |  | 5 |  |  | 109 |  |  | 0.24 |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 0.27 | % |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity | — |  |  | 3 |  |  | 3 |  |  | 1 |  |  | 7 |  |  | 0.39 |  |
Total consumer | — |  |  | 3 |  |  | 3 |  |  | 1 |  |  | 7 |  |  | 0.31 |  |
Total retail loans | 5 |  |  | 3 |  |  | 3 |  |  | 1 |  |  | 12 |  |  | 0.29 |  |
Total loans | $ | 109 |  |  | $ | 3 |  |  | $ | 3 |  |  | $ | 6 |  |  | $ | 121 |  |  | 0.24 | % |
Three Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 54 |  |  | $ | — |  |  | $ | 4 |  |  | $ | — |  |  | $ | 58 |  |  | 0.20 | % |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1.44 |  |
Total real estate construction | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 0.17 |  |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 1 |  |  | — |  |  | — |  |  | 6 |  |  | 7 |  |  | 0.08 |  |
Total commercial mortgage | 1 |  |  | — |  |  | — |  |  | 6 |  |  | 7 |  |  | 0.05 |  |
Total business loans | 63 |  |  | — |  |  | 4 |  |  | 6 |  |  | 73 |  |  | 0.15 |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 0.11 |  |
Total consumer | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 0.09 |  |
Total retail loans | — |  |  | — |  |  | 1 |  |  | 1 |  |  | 2 |  |  | 0.05 |  |
Total loans | $ | 63 |  |  | $ | — |  |  | $ | 5 |  |  | $ | 7 |  |  | $ | 75 |  |  | 0.14 | % |
Table continues on the following page. |
(in millions) | Term Extension (a) |  | Payment Delay (a) |  | Interest Rate Reduction |  | Combinations (b) |  | Total |  | Percent of Total Class |
Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 204 |  |  | $ | — |  |  | $ | — |  |  | $ | 19 |  |  | $ | 223 |  |  | 0.86 | % |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | 0.26 |  |
Total commercial mortgage | 22 |  |  | — |  |  | — |  |  | — |  |  | 22 |  |  | 0.15 |  |
International | 4 |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 0.37 |  |
Total business loans | 230 |  |  | — |  |  | — |  |  | 19 |  |  | 249 |  |  | 0.54 |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 0.27 |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 1 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 10 |  |  | 0.55 |  |
Total consumer | 1 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 10 |  |  | 0.43 |  |
Total retail loans | 6 |  |  | 3 |  |  | 4 |  |  | 2 |  |  | 15 |  |  | 0.36 |  |
Total loans | $ | 236 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 21 |  |  | $ | 264 |  |  | 0.52 | % |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 87 |  |  | $ | 21 |  |  | $ | 4 |  |  | $ | 1 |  |  | $ | 113 |  |  | 0.39 | % |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 1.44 |  |
Total real estate construction | 8 |  |  | — |  |  | — |  |  | — |  |  | 8 |  |  | 0.17 |  |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 4 |  |  | — |  |  | 1 |  |  | 11 |  |  | 16 |  |  | 0.18 |  |
Total commercial mortgage | 4 |  |  | — |  |  | 1 |  |  | 11 |  |  | 16 |  |  | 0.12 |  |
Total business loans | 99 |  |  | 21 |  |  | 5 |  |  | 12 |  |  | 137 |  |  | 0.28 |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.15 |  |
Total consumer | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.13 |  |
Total retail loans | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.07 |  |
Total loans | $ | 100 |  |  | $ | 21 |  |  | $ | 6 |  |  | $ | 13 |  |  | $ | 140 |  |  | 0.26 | % |
(a)Represents loan balances where terms were extended or payments were delayed by a more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. (b)Relates to FDMs where more than one type of modification was made. For the three- and nine-month periods ended September 30, 2024 and 2023, this primarily related to modifications where the interest rate was reduced and the term was extended. (c)Primarily loans secured by owner-occupied real estate. (d)Primarily loans to real estate developers.
Loan Modifications Made to Specific Loans | The following table summarizes the financial impacts of loan modifications made during the three- and nine-month periods ended September 30, 2024 and 2023.
| Weighted-Average Term Extension (in months) |  | Weighted-Average Interest Rate Reduction
Three Months Ended September 30, 2024 |  |  |
Business loans: |  |  |
Commercial | 12.7 |  |  | (1.00) | %
Commercial mortgage: |  |  |
Other business lines (a) | 16.9 |  |  | — |
Total commercial mortgage | 16.9 |  |  | — |
International | 10.7 |  |  | — |
Total business loans | 13.0 |  |  | (1.00) |
Retail loans: |  |  |
Residential mortgage | 95.1 |  |  | — |
Consumer: |  |  |
Home equity | 120.0 |  |  | (4.34) |
Total consumer | 120.0 |  |  | (4.34) |
Total retail loans | 100.0 |  |  | (4.34) |
Total loans | 17.8 |  |  | (2.51) | %
Three Months Ended September 30, 2023 |  |  |
Business loans: |  |  |
Commercial | 7.4 |  |  | (0.50) | %
Real estate construction: |  |  |
Other business lines (a) | 6.0 |  |  | — |
Total real estate construction | 6.0 |  |  | — |
Commercial mortgage: |  |  |
Other business lines (a) | 8.7 |  |  | (1.00) |
Total commercial mortgage | 8.7 |  |  | (1.00) |
Total business loans | 7.4 |  |  | (0.81) |
Retail loans: |  |  |
Consumer: |  |  |
Home equity | 131.1 |  |  | (2.85) |
Total consumer | 131.1 |  |  | (2.85) |
Total retail loans | 131.1 |  |  | (2.85) |
Total loans | 9.2 |  |  | (1.09) | %
Table continues on the following page.
| Weighted-Average Term Extension (in months) |  | Weighted-Average Interest Rate Reduction
Nine Months Ended September 30, 2024 |  |  |
Business loans: |  |  |
Commercial | 12.7 |  |  | (1.23) | %
Commercial mortgage: |  |  |
Other business lines (a) | 12.3 |  |  | — |
Total commercial mortgage | 12.3 |  |  | — |
International | 11.4 |  |  | — |
Total business loans | 12.6 |  |  | (1.23) |
Retail loans: |  |  |
Residential mortgage | 95.1 |  |  | — |
Consumer: |  |  |
Home equity | 119.3 |  |  | (4.01) |
Total consumer | 119.3 |  |  | (4.01) |
Total retail loans | 103.2 |  |  | (4.01) |
Total loans | 15.3 |  |  | (1.91) | %
Nine Months Ended September 30, 2023 |  |  |
Business loans: |  |  |
Commercial | 8.0 |  |  | (0.49) | %
Real estate construction: |  |  |
Other business lines (a) | 6.0 |  |  | — |
Total real estate construction | 6.0 |  |  | — |
Commercial mortgage: |  |  |
Other business lines (a) | 22.0 |  |  | (0.79) |
Total commercial mortgage | 22.0 |  |  | (0.79) |
Total business loans | 9.7 |  |  | (0.70) |
Retail loans: |  |  |
Consumer: |  |  |
Home equity | 129.0 |  |  | (2.64) |
Total consumer | 129.0 |  |  | (2.64) |
Total retail loans | 129.0 |  |  | (2.64) |
Total loans | 11.0 |  |  | (0.89) | %
(a)Primarily loans secured by owner-occupied real estate. (b)Primarily loans to real estate developers.

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