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Credit Quality And Allowance For Credit Losses | 12 Months Ended
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Dec. 31, 2024
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 |  | Total Loans
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 50 |  |  | $ | 16 |  |  | $ | 13 |  |  | $ | 79 |  |  | $ | 125 |  |  | $ | 26,288 |  |  |  | $ | 26,492 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,358 |  |  |  | 3,358 |
Other business lines (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 322 |  |  |  | 322 |
Total real estate construction | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,680 |  |  |  | 3,680 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial Real Estate business line (a) | 75 |  |  | 8 |  |  | — |  |  | 83 |  |  | 49 |  |  | 5,912 |  |  |  | 6,044 |
Other business lines (b) | 11 |  |  | 7 |  |  | 31 |  |  | 49 |  |  | 69 |  |  | 8,331 |  |  |  | 8,449 |
Total commercial mortgage | 86 |  |  | 15 |  |  | 31 |  |  | 132 |  |  | 118 |  |  | 14,243 |  |  |  | 14,493 |
Lease financing | 12 |  |  | — |  |  | — |  |  | 12 |  |  | 1 |  |  | 709 |  |  |  | 722 |
International | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 952 |  |  |  | 952 |
Total business loans | 148 |  |  | 31 |  |  | 44 |  |  | 223 |  |  | 244 |  |  | 45,872 |  |  |  | 46,339 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 5 |  |  | 5 |  |  | — |  |  | 10 |  |  | 37 |  |  | 1,882 |  |  |  | 1,929 |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 11 |  |  | 3 |  |  | — |  |  | 14 |  |  | 27 |  |  | 1,761 |  |  |  | 1,802 |
Other consumer | 16 |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 453 |  |  |  | 469 |
Total consumer | 27 |  |  | 3 |  |  | — |  |  | 30 |  |  | 27 |  |  | 2,214 |  |  |  | 2,271 |
Total retail loans | 32 |  |  | 8 |  |  | — |  |  | 40 |  |  | 64 |  |  | 4,096 |  |  |  | 4,200 |
Total loans | $ | 180 |  |  | $ | 39 |  |  | $ | 44 |  |  | $ | 263 |  |  | $ | 308 |  |  | $ | 49,968 |  |  |  | $ | 50,539 |
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. 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.
| December 31, 2024 |  |
| Vintage Year |  |  |  |  |  |  |  |
(in millions) | 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolvers |  | Revolvers Converted to Term |  | Total |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | $ | 3,313 |  | (b) | $ | 2,129 |  | (b) | $ | 1,856 |  | (b) | $ | 1,127 |  |  | $ | 358 |  |  | $ | 1,192 |  |  | $ | 15,173 |  |  | $ | 15 |  |  | $ | 25,163 |  |  |
Criticized (b) | 90 |  |  | 160 |  |  | 179 |  |  | 185 |  |  | 33 |  |  | 59 |  |  | 621 |  |  | 2 |  |  | 1,329 |  |  |
Total commercial | 3,403 |  |  | 2,289 |  |  | 2,035 |  |  | 1,312 |  |  | 391 |  |  | 1,251 |  |  | 15,794 |  |  | 17 |  |  | 26,492 |  |  |
Commercial gross charge-offs | 1 |  |  | 1 |  |  | 9 |  |  | 29 |  |  | 9 |  |  | 12 |  |  | 10 |  |  | 1 |  |  | 72 |  |  |
Real estate construction |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 137 |  |  | 703 |  |  | 1,987 |  |  | 550 |  |  | 19 |  |  | 23 |  |  | 223 |  |  | — |  |  | 3,642 |  |  |
Criticized (b) | — |  |  | — |  |  | 36 |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | 38 |  |  |
Total real estate construction | 137 |  |  | 703 |  |  | 2,023 |  |  | 550 |  |  | 19 |  |  | 25 |  |  | 223 |  |  | — |  |  | 3,680 |  |  |
Commercial mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 1,423 |  |  | 1,574 |  |  | 3,339 |  |  | 2,576 |  |  | 1,301 |  |  | 2,414 |  |  | 793 |  |  | — |  |  | 13,420 |  |  |
Criticized (b) | 105 |  |  | 187 |  |  | 350 |  |  | 102 |  |  | 111 |  |  | 208 |  |  | 10 |  |  | — |  |  | 1,073 |  |  |
Total commercial mortgage | 1,528 |  |  | 1,761 |  |  | 3,689 |  |  | 2,678 |  |  | 1,412 |  |  | 2,622 |  |  | 803 |  |  | — |  |  | 14,493 |  |  |
Commercial mortgage gross charge-offs | — |  |  | — |  |  | 11 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | — |  |  | 16 |  |  |
Lease financing |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 262 |  |  | 226 |  |  | 38 |  |  | 80 |  |  | 30 |  |  | 80 |  |  | — |  |  | — |  |  | 716 |  |  |
Criticized (b) | 3 |  |  | 1 |  |  | 1 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 6 |  |  |
Total lease financing | 265 |  |  | 227 |  |  | 39 |  |  | 80 |  |  | 30 |  |  | 81 |  |  | — |  |  | — |  |  | 722 |  |  |
Lease financing gross charge-offs | 1 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  |
International |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 237 |  |  | 112 |  |  | 142 |  |  | 60 |  |  | 19 |  |  | 27 |  |  | 347 |  |  | — |  |  | 944 |  |  |
Criticized (b) | 7 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 8 |  |  |
Total international | 244 |  |  | 112 |  |  | 142 |  |  | 60 |  |  | 19 |  |  | 27 |  |  | 348 |  |  | — |  |  | 952 |  |  |
International gross charge-offs | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |
Total business loans | 5,577 |  |  | 5,092 |  |  | 7,928 |  |  | 4,680 |  |  | 1,871 |  |  | 4,006 |  |  | 17,168 |  |  | 17 |  |  | 46,339 |  |  |
Retail loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Residential mortgage |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 181 |  |  | 236 |  |  | 274 |  |  | 349 |  |  | 415 |  |  | 434 |  |  | — |  |  | — |  |  | 1,889 |  |  |
Criticized (b) | 5 |  |  | 1 |  |  | 4 |  |  | 2 |  |  | 4 |  |  | 24 |  |  | — |  |  | — |  |  | 40 |  |  |
Total residential mortgage | 186 |  |  | 237 |  |  | 278 |  |  | 351 |  |  | 419 |  |  | 458 |  |  | — |  |  | — |  |  | 1,929 |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 1,681 |  |  | 82 |  |  | 1,768 |  |  |
Criticized (b) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 28 |  |  | 6 |  |  | 34 |  |  |
Total home equity | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 1,709 |  |  | 88 |  |  | 1,802 |  |  |
Other consumer |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass (a) | 30 |  |  | 10 |  |  | 28 |  |  | 7 |  |  | 6 |  |  | 41 |  |  | 345 |  |  | — |  |  | 467 |  |  |
Criticized (b) | — |  |  | — |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |  |  |
Total other consumer | 30 |  |  | 10 |  |  | 30 |  |  | 7 |  |  | 6 |  |  | 41 |  |  | 345 |  |  | — |  |  | 469 |  |  |
Other consumer gross charge-offs | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | 2 |  |  |
Total consumer | 30 |  |  | 10 |  |  | 30 |  |  | 7 |  |  | 6 |  |  | 46 |  |  | 2,054 |  |  | 88 |  |  | 2,271 |  |  |
Total retail loans | 216 |  |  | 247 |  |  | 308 |  |  | 358 |  |  | 425 |  |  | 504 |  |  | 2,054 |  |  | 88 |  |  | 4,200 |  |  |
Total loans | $ | 5,793 |  |  | $ | 5,339 |  |  | $ | 8,236 |  |  | $ | 5,038 |  |  | $ | 2,296 |  |  | $ | 4,510 |  |  | $ | 19,222 |  |  | $ | 105 |  |  | $ | 50,539 |  |  |
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 |  | (b) | $ | 3,013 |  | (b) | $ | 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. 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 $266 million and $313 million at December 31, 2024 and 2023, 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.
| 2024 |  | 2023 |  | 2022
(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 | $ | 620 |  |  | $ | 68 |  |  | $ | 688 |  |  | $ | 541 |  |  | $ | 69 |  |  | $ | 610 |  |  | $ | 531 |  |  | $ | 57 |  |  | $ | 588 |
Allowance for credit losses on lending-related commitments | 31 |  |  | 9 |  |  | 40 |  |  | 40 |  |  | 11 |  |  | 51 |  |  | 24 |  |  | 6 |  |  | 30 |
Allowance for credit losses | 651 |  |  | 77 |  |  | 728 |  |  | 581 |  |  | 80 |  |  | 661 |  |  | 555 |  |  | 63 |  |  | 618 |
Loan charge-offs | (93) |  |  | (2) |  |  | (95) |  |  | (59) |  |  | (3) |  |  | (62) |  |  | (65) |  |  | (3) |  |  | (68) |
Recoveries on loans previously charged-off | 41 |  |  | 2 |  |  | 43 |  |  | 38 |  |  | 2 |  |  | 40 |  |  | 47 |  |  | 4 |  |  | 51 |
Net loan (charge-offs) recoveries | (52) |  |  | — |  |  | (52) |  |  | (21) |  |  | (1) |  |  | (22) |  |  | (18) |  |  | 1 |  |  | (17) |
Provision for credit losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for loan losses | 57 |  |  | (3) |  |  | 54 |  |  | 100 |  |  | — |  |  | 100 |  |  | 28 |  |  | 11 |  |  | 39 |
Provision for credit losses on lending-related commitments | (3) |  |  | (2) |  |  | (5) |  |  | (9) |  |  | (2) |  |  | (11) |  |  | 16 |  |  | 5 |  |  | 21 |
Provision for credit losses | 54 |  |  | (5) |  |  | 49 |  |  | 91 |  |  | (2) |  |  | 89 |  |  | 44 |  |  | 16 |  |  | 60 |
Balance at end of period: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for loan losses | 625 |  |  | 65 |  |  | 690 |  |  | 620 |  |  | 68 |  |  | 688 |  |  | 541 |  |  | 69 |  |  | 610 |
Allowance for credit losses on lending-related commitments | 28 |  |  | 7 |  |  | 35 |  |  | 31 |  |  | 9 |  |  | 40 |  |  | 40 |  |  | 11 |  |  | 51 |
Allowance for credit losses | $ | 653 |  |  | $ | 72 |  |  | $ | 725 |  |  | $ | 651 |  |  | $ | 77 |  |  | $ | 728 |  |  | $ | 581 |  |  | $ | 80 |  |  | $ | 661 |
Allowance for loan losses as a percentage of total loans | 1.35 | % |  | 1.55 | % |  | 1.37 | % |  | 1.29 | % |  | 1.63 | % |  | 1.32 | % |  | 1.10 | % |  | 1.67 | % |  | 1.14 | %
Allowance for credit losses as a percentage of total loans | 1.41 |  |  | 1.73 |  |  | 1.44 |  |  | 1.36 |  |  | 1.85 |  |  | 1.40 |  |  | 1.18 |  |  | 1.96 |  |  | 1.24 |
Nonaccrual Loans The following table presents additional information regarding nonaccrual loans. Interest income of $16 million, $9 million and $12 million was recognized on nonaccrual loans for the years ended December 31, 2024, 2023 and 2022, respectively.
(in millions) | Nonaccrual Loans with No Related Allowance |  | Nonaccrual Loans with Related Allowance |  | Total Nonaccrual Loans
December 31, 2024 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 9 |  |  | $ | 116 |  |  | $ | 125 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (b) | — |  |  | 49 |  |  | 49 |
Other business lines (a) | 7 |  |  | 62 |  |  | 69 |
Total commercial mortgage | 7 |  |  | 111 |  |  | 118 |
Lease financing | — |  |  | 1 |  |  | 1 |
Total business loans | 16 |  |  | 228 |  |  | 244 |
Retail loans: |  |  |  |  |
Residential mortgage | 37 |  |  | — |  |  | 37 |
Consumer: |  |  |  |  |
Home equity | 27 |  |  | — |  |  | 27 |
Total consumer | 27 |  |  | — |  |  | 27 |
Total retail loans | 64 |  |  | — |  |  | 64 |
Total nonaccrual loans | $ | 80 |  |  | $ | 228 |  |  | $ | 308 |
December 31, 2023 |  |  |  |  |
Business loans: |  |  |  |  |
Commercial | $ | 47 |  |  | $ | 28 |  |  | $ | 75 |
Real estate construction: |  |  |  |  |
Other business lines (a) | 2 |  |  | — |  |  | 2 |
Commercial mortgage: |  |  |  |  |
Commercial Real Estate business line (b) | — |  |  | 18 |  |  | 18 |
Other business lines (a) | 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 secured by owner-occupied real estate. (b)Primarily loans to real estate developers. Foreclosed Properties Foreclosed properties were insignificant at December 31, 2024 and December 31, 2023. Retail loans secured by residential real estate properties in process of foreclosure included in nonaccrual loans were $4 million at December 31, 2024 and insignificant at December 31, 2023. Loan Modifications Made to Borrowers Experiencing Financial Difficulty The following table displays the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty that were restructured, by type of modification.
(in millions) | Term Extension (a) |  | Payment Delay (a) |  | Interest Rate Reduction |  | Combinations (b) |  | Total |  | Percent of Total Class
Year Ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 199 |  |  | $ | — |  |  | $ | — |  |  | $ | 28 |  |  | $ | 227 |  |  | 0.86 | %
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | 0.47 |
Total commercial mortgage | 40 |  |  | — |  |  | — |  |  | — |  |  | 40 |  |  | 0.27 |
International | 1 |  |  | — |  |  | — |  |  | 4 |  |  | 5 |  |  | 0.54 |
Total business loans | 240 |  |  | — |  |  | — |  |  | 32 |  |  | 272 |  |  | 0.59 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Residential mortgage | 5 |  |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 0.26 |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Home equity | — |  |  | 3 |  |  | 5 |  |  | 2 |  |  | 10 |  |  | 0.58 |
Total consumer | — |  |  | 3 |  |  | 5 |  |  | 2 |  |  | 10 |  |  | 0.46 |
Total retail loans | 5 |  |  | 3 |  |  | 5 |  |  | 2 |  |  | 15 |  |  | 0.37 |
Total loans | $ | 245 |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | 34 |  |  | $ | 287 |  |  | 0.57 | %
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |
Business loans: |  |  |  |  |  |  |  |  |  |  |
Commercial | $ | 92 |  |  | $ | 20 |  |  | $ | 10 |  |  | $ | 2 |  |  | $ | 124 |  |  | 0.46 | %
Real estate construction: |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 1.92 |
Total real estate construction | 10 |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | 0.19 |
Commercial mortgage: |  |  |  |  |  |  |  |  |  |  |
Other business lines (c) | 15 |  |  | — |  |  | — |  |  | 10 |  |  | 25 |  |  | 0.28 |
Total commercial mortgage | 15 |  |  | — |  |  | — |  |  | 10 |  |  | 25 |  |  | 0.18 |
Total business loans | 117 |  |  | 20 |  |  | 10 |  |  | 12 |  |  | 159 |  |  | 0.33 |
Retail loans: |  |  |  |  |  |  |  |  |  |  |
Consumer: |  |  |  |  |  |  |  |  |  |  |
Home equity | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.16 |
Total consumer | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.13 |
Total retail loans | 1 |  |  | — |  |  | 1 |  |  | 1 |  |  | 3 |  |  | 0.07 |
Total loans | $ | 118 |  |  | $ | 20 |  |  | $ | 11 |  |  | $ | 13 |  |  | $ | 162 |  |  | 0.31 | %
(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. See Note 1 to the co nsolidated financial statements for further information. (b)Relates to FDMs where more than one type of modification was made. For the year ended December 31, 2024, this primarily related to modifications where the payment was delayed and the term was extended. For the year ended December 31, 2023, this primarily related to modifications where the interest was reduced and the term was extended. (c)Primarily loans secured by owner-occupied real estate. There was no commitment to lend additional funds to borrowers experiencing financial difficulty whose terms had been restructured at December 31, 2024 and December 31, 2023. The following table summarizes the financial impacts of loan modifications made to specific loans.
| Weighted-Average Term Extension (in months) |  | Weighted-Average Interest Rate Reduction
Year Ended December 31, 2024 |  |  |
Business loans: |  |  |
Commercial | 12.7 |  |  | (1.21) | %
Commercial mortgage: |  |  |
Other business lines (a) | 14.1 |  |  | — |
Total commercial mortgage | 14.1 |  |  | — |
International | 46.1 |  | — |
Total business loans | 13.6 |  |  | (1.21) |
Retail loans: |  |  |
Residential mortgage | 95.1 |  | — |
Consumer: |  |  |
Home equity | 117.0 |  | (3.97) |
Total consumer | 117.0 |  | (3.97) |
Total retail loans | 102.2 |  |  | (3.97) |
Total loans | 15.9 |  |  | (2.20) |
Year Ended December 31, 2023 |  |  |
Business loans: |  |  |
Commercial | 10.4 |  | (2.01) | %
Real estate construction: |  |  |
Other business lines (a) | 9.3 |  | — |
Total real estate construction | 9.3 |  | — |
Commercial mortgage: |  |  |
Other business lines (a) | 17.6 |  | (0.68) |
Total commercial mortgage | 17.6 |  | (0.68) |
Total business loans | 11.7 |  | (1.35) |
Retail loans: |  |  |
Consumer: |  |  |
Home equity | 145.4 |  | (3.01) |
Total consumer | 145.4 |  | (3.01) |
Total retail loans | 145.4 |  | (3.01) |
Total loans | 13.1 |  | (1.49) | %
(a)Primarily loans secured by owner-occupied real estate. During the year ended December 31, 2024, mo difications to borrowers experiencing financial difficulty included restructurings with other-than-insignificant payment delays of $4 million in the Commercial category, $2 million in the International category and $3 million in the Home Equity category, compared to $6 million in the Commercial category at December 31, 2023. On an ongoing basis, the Corporation monitors the performance of modified loans related to their restructured terms. Of the loans restructured during the year, $10 million were past due at December 31, 2024 compared to all being current at December 31, 2023. Nonperforming restructured loans are classified as nonaccrual loans and are individually evaluated in the allowance for loan losses. For restructured loans, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified into nonaccrual status during the reporting period. Of the loans restructured during the 12 month period ended December 31, 2024, there were $13 million of Commercial loans that subsequently defaulted. There were no subsequent defaults as of December 31, 2023 of loans restructured during that 12 month period.

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