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Credit Quality And Allowance For Credit Losses
 12 Months Ended
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		TotalNonaccrual
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 mortgage86 15 31 132 118 14,243 14,493 
Lease financing12 — — 12 1 709 722 
International— — — — — 952 952 
Total business loans148 31 44 223 244 45,872 46,339 
Retail loans:
Residential mortgage5 5 — 10 37 1,882 1,929 
Consumer:
Home equity11 3 — 14 27 1,761 1,802 
Other consumer16 — — 16 — 453 469 
Total consumer27 3 — 30 27 2,214 2,271 
Total retail loans32 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 construction3 — — 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 mortgage54 12 9 75 41 13,570 13,686 
Lease financing4 — — 4 — 803 807 
International— — 1 1 20 1,081 1,102 
Total business loans109 26 20 155 138 47,636 47,929 
Retail loans:
Residential mortgage10 6 — 16 19 1,854 1,889 
Consumer:
Home equity11 5 — 16 21 1,755 1,792 
Other consumer31 — — 31 — 472 503 
Total consumer42 5 — 47 21 2,227 2,295 
Total retail loans52 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)20242023202220212020PriorRevolversRevolvers Converted to TermTotal
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 commercial3,403 2,289 2,035 1,312 391 1,251 15,794 17 26,492 
Commercial gross charge-offs1 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 construction137 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 mortgage1,528 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 financing265 227 39 80 30 81 — — 722 
Lease financing gross charge-offs1 — 3 — — — — — 4 
International
    Pass (a)237 112 142 60 19 27 347 — 944 
    Criticized (b)7 — — — — — 1 — 8 
Total international244 112 142 60 19 27 348 — 952 
International gross charge-offs1 — — — — — — — 1 
Total business loans5,577 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 mortgage186 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 consumer30 10 30 7 6 41 345 — 469 
Other consumer gross charge-offs1 — — — — 1 — — 2 
Total consumer30 10 30 7 6 46 2,054 88 2,271 
Total retail loans216 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
20232022202120202019PriorRevolversRevolvers Converted to TermTotal
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 commercial3,190 3,182 2,298 635 669 1,108 16,154 15 27,251 
Commercial gross charge-offs1 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 construction505 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 mortgage1,695 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 financing178 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 international301 170 96 35 76 8 416 — 1,102 
International gross charge-offs12 — — — — 1 — — 13 
Total business loans5,869 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 mortgage256 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 consumer23 38 22 8 4 46 362 — 503 
Other consumer gross charge-offs— — — — 1 — — — 1 
Total consumer23 38 22 8 4 54 2,085 61 2,295 
Total retail loans279 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.
 202420232022
(in millions)Business LoansRetail LoansTotalBusiness LoansRetail LoansTotalBusiness LoansRetail LoansTotal
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 commitments31 9 40 40 11 51 24 6 30 
Allowance for credit losses651 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-off41 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 losses57 (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 losses54 (5)49 91 (2)89 44 16 60 
Balance at end of period:
Allowance for loan losses625 65 690 620 68 688 541 69 610 
Allowance for credit losses on lending-related commitments28 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 loans1.35 %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 loans1.41 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 AllowanceNonaccrual Loans with Related AllowanceTotal
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 mortgage7 111 118 
Lease financing— 1 1 
Total business loans16 228 244 
Retail loans:
Residential mortgage37 — 37 
Consumer:
Home equity27 — 27 
Total consumer27 — 27 
Total retail loans64 — 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 mortgage17 24 41 
International3 17 20 
Total business loans69 69 138 
Retail loans:
Residential mortgage19 — 19 
Consumer:
Home equity21 — 21 
Total consumer21 — 21 
Total retail loans40 — 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 ReductionCombinations (b)TotalPercent 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 mortgage40 — — — 40 0.27 
International1 — — 4 5 0.54 
Total business loans240 — — 32 272 0.59 
Retail loans:
Residential mortgage5 — — — 5 0.26 
Consumer:
Home equity— 3 5 2 10 0.58 
Total consumer— 3 5 2 10 0.46 
Total retail loans5 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 construction10 — — — 10 0.19 
Commercial mortgage:
Other business lines (c)15 — — 10 25 0.28 
Total commercial mortgage15 — — 10 25 0.18 
Total business loans117 20 10 12 159 0.33 
Retail loans:
Consumer:
Home equity1 — 1 1 3 0.16 
Total consumer1 — 1 1 3 0.13 
Total retail loans1 — 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 consolidated 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:
Commercial12.7 (1.21)%
Commercial mortgage:
Other business lines (a)14.1 — 
Total commercial mortgage14.1 — 
International46.1— 
Total business loans13.6 (1.21)
Retail loans:
Residential mortgage95.1— 
Consumer:
Home equity117.0(3.97)
Total consumer117.0(3.97)
Total retail loans102.2 (3.97)
Total loans15.9 (2.20)
Year Ended December 31, 2023
Business loans:
Commercial10.4(2.01)%
Real estate construction:
Other business lines (a)9.3— 
Total real estate construction9.3— 
Commercial mortgage:
Other business lines (a)17.6(0.68)
Total commercial mortgage17.6(0.68)
Total business loans11.7(1.35)
Retail loans:
Consumer:
Home equity145.4(3.01)
Total consumer145.4(3.01)
Total retail loans145.4(3.01)
Total loans13.1(1.49)%
(a)Primarily loans secured by owner-occupied real estate.
During the year ended December 31, 2024, modifications 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.