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Allowance for Credit Losses on Loans and Leases
 12 Months Ended
Dec. 31, 2023
Credit Loss [Abstract]  
Allowance for Credit Losses on Loans and Leases Allowance for Credit Losses on Loans and Leases
Allowance for Credit Losses on Loans and Leases
The following table summarizes activity in the allowance for credit losses for the periods indicated:

For the Years Ended December 31,
20232022
(in millions)MortgageOtherTotalMortgageOtherTotal
Balance, beginning of period$290 $103 $393 $178 $21 $199 
Adjustment for Purchased PCD Loans1313213051
Charge-offs(178)(45)(223)(5)(2)(7)
Recoveries15154711
Provision for (recovery of) credit losses on loans and leases6441507949247139
Balance, end of period$756 $236 $992 $290 $103 $393 

As of December 31, 2023, the allowance for credit losses on loans and leases totaled $992 million, up $599 million compared to December 31, 2022. The increase in the allowance for credit losses on loans and leases was primarily driven by an increase in reserves to address weakness in the office sector, potential repricing risk in the multifamily portfolio and an increase in classified assets. Also contributing to the increase in the allowance for credit losses on loans and leases was the day 1 impact of the Signature Transaction that closed on March 20, 2023, which added $141 million to the reserve.

As of December 31, 2023 and December 31, 2022, the allowance for unfunded commitments totaled $52 million and $23 million, respectively.
The Company charges off loans, or portions of loans, in the period that such loans, or portions thereof, are deemed uncollectible. The collectability of individual loans is determined through an assessment of the financial condition and repayment capacity of the borrower and/or through an estimate of the fair value of any underlying collateral. For non-real estate-related consumer credits, the following past-due time periods determine when charge-offs are typically recorded: (1) closed-end credits are charged off in the quarter that the loan becomes 120 days past due; (2) open-end credits are charged off in the quarter that the loan becomes 180 days past due; and (3) both closed-end and open-end credits are typically charged off in the quarter that the credit is 60 days past the date the Company received notification that the borrower has filed for bankruptcy.
The following table presents additional information about the Company’s nonaccrual loans at December 31, 2023:
(in millions)Recorded InvestmentRelated AllowanceInterest Income Recognized
Nonaccrual loans with no related allowance:
Multi-family$134 $— $5 
Commercial real estate53—2
One-to-four family first mortgage85——
Acquisition, development, and construction———
Other (includes C&I)22——
Total nonaccrual loans with no related allowance$294 $— $7 
Nonaccrual loans with an allowance recorded:
Multi-family$4 $— $— 
Commercial real estate75173
One-to-four family first mortgage112—
Acquisition, development, and construction———
Other (includes C&I)4428—
Total nonaccrual loans with an allowance recorded$134 $47 $3 
Total nonaccrual loans:
Multi-family$138 $— $5 
Commercial real estate128175
One-to-four family first mortgage962—
Acquisition, development, and construction———
Other (includes C&I)6628—
Total nonaccrual loans$428 $47 $10 

The following table presents additional information about the Company’s nonaccrual loans at December 31, 2022:

(in millions)Recorded InvestmentRelated AllowanceInterest Income Recognized
Nonaccrual loans with no related allowance:
Multi-family$13 $— $— 
Commercial real estate19—1
One-to-four family first mortgage90——
Other (includes C&I)3——
Total nonaccrual loans with no related allowance$125 $— $1 
Nonaccrual loans with an allowance recorded:
Commercial real estate$1 $— $— 
One-to-four family first mortgage2——
Other (includes C&I)1314—
Total nonaccrual loans with an allowance recorded$16 $14 $— 
Total nonaccrual loans:
Multi-family$13 $— $— 
Commercial real estate20—1
One-to-four family first mortgage92——
Other (includes C&I)1614—
Total nonaccrual loans$141 $14 $1