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Loans and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Composition of Loan Portfolio
The composition of the loan portfolio at December 31, by class and underlying specific portfolio type, was as follows:
(Dollars in Millions)20242023
Commercial
Commercial$135,254 $127,676 
Lease financing4,230 4,205 
Total commercial139,484 131,881 
Commercial Real Estate
Commercial mortgages38,619 41,934 
Construction and development10,240 11,521 
Total commercial real estate48,859 53,455 
Residential Mortgages
Residential mortgages112,806 108,605 
Home equity loans, first liens6,007 6,925 
Total residential mortgages118,813 115,530 
Credit Card30,350 28,560 
Other Retail
Retail leasing4,040 4,135 
Home equity and second mortgages13,565 13,056 
Revolving credit3,747 3,668 
Installment14,373 13,889 
Automobile6,601 9,661 
Total other retail42,326 44,409 
Total loans$379,832 $373,835 
Activity in Allowance for Credit Losses by Portfolio Class
Activity in the allowance for credit losses by portfolio class was as follows:
(Dollars in Millions)Commercial Commercial Real Estate Residential Mortgages Credit
Card		Other
Retail		Total
Loans
Balance at December 31, 2023$2,119 $1,620 $827 $2,403 $870 $7,839 
Add
Provision for credit losses608 53 (53)1,464 166 2,238 
Deduct
Loans charged-off652 229 13 1,406 313 2,613 
Less recoveries of loans charged-off(100)(64)(22)(179)(96)(461)
Net loan charge-offs (recoveries)552 165 (9)1,227 217 2,152 
Balance at December 31, 2024$2,175 $1,508 $783 $2,640 $819 $7,925 
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
Add
Change in accounting principle(a)
— — (31)(27)(4)(62)
Allowance for acquired credit losses(b)
— 127 — — — 127 
Provision for credit losses270 431 41 1,259 274 2,275 
Deduct     
Loans charged-off389 281 129 1,014 478 2,291 
Less recoveries of loans charged-off(75)(18)(20)(165)(108)(386)
Net loan charge-offs (recoveries)314 263 109 849 370 1,905 
Balance at December 31, 2023$2,119 $1,620 $827 $2,403 $870 $7,839 
Balance at December 31, 2021$1,849 $1,123 $565 $1,673 $945 $6,155 
Add
Allowance for acquired credit losses(b)
163 87 36 45 5 336 
Provision for credit losses(c)
378 152 302 826 319 1,977 
Deduct
Loans charged-off(d)
319 54 13 696 418 1,500 
Less recoveries of loans charged-off(92)(17)(36)(172)(120)(437)
Net loan charge-offs (recoveries)227 37 (23)524 298 1,063 
Other Changes— — — — (1)(1)
Balance at December 31, 2022$2,163 $1,325 $926 $2,020 $970 $7,404 
(a)Effective January 1, 2023, the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings.
(b)Represents allowance for credit deteriorated and charged-off loans acquired from MUB.
(c)Includes $662 million of provision for credit losses related to the acquisition of MUB.
(d)Includes $179 million of total charge-offs primarily on loans previously charged-off by MUB, which were written up upon acquisition to unpaid principal balance as required by purchase accounting.
Credit Quality Indicators
The following table provides a summary of loans charged-off by portfolio class and year of origination for the years ended December 31:
(Dollars in Millions)Commercial
Commercial Real Estate(a)
Residential Mortgages(b)
Credit Card(c)
Other Retail(d)
Total Loans
2024
Originated in 2024$30 $117 $— $— $13 $160 
Originated in 202384 51 — — 47 182 
Originated in 2022178 55 3 — 52 288 
Originated in 202132 1 — — 40 73 
Originated in 202012 1 — — 21 34 
Originated prior to 202041 4 10 — 35 90 
Revolving275 — — 1,406 105 1,786 
Total charge-offs$652 $229 $13 $1,406 $313 $2,613 
2023
Originated in 2023$48 $63 $— $— $57 $168 
Originated in 202263 88 1 — 130 282 
Originated in 202130 69 6 — 83 188 
Originated in 202017 2 8 — 38 65 
Originated in 201915 3 16 — 31 65 
Originated prior to 201953 56 98 — 31 238 
Revolving163 — — 1,014 80 1,257 
Revolving converted to term— — — — 28 28 
Total charge-offs$389 $281 $129 $1,014 $478 $2,291 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and near term loan origination years for gross charge-offs relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Includes $91 million of 2023 charge-offs related to uncollectible amounts on acquired loans.
(b)Includes $117 million of 2023 charge-offs related to balance sheet repositioning and capital management actions.
(c)Predominantly all credit card loans are considered revolving loans. Includes an immaterial amount of charge-offs related to revolving converted to term loans.
(d)Includes $192 million of 2023 charge-offs related to balance sheet repositioning and capital management actions.
The following table provides a summary of loans by portfolio class and the Company’s internal credit quality rating:
 December 31, 2024December 31, 2023
  Criticized  Criticized 
(Dollars in Millions)PassSpecial Mention
Classified(a)
Total CriticizedTotalPassSpecial Mention
Classified(a)
Total CriticizedTotal
Commercial     
Originated in 2024$57,578 $503 $1,034 $1,537 $59,115 $— $— $— $— $— 
Originated in 202319,128 173 564 737 19,865 43,023 827 856 1,683 44,706 
Originated in 202219,718 231 370 601 20,319 40,076 274 632 906 40,982 
Originated in 20214,677 60 92 152 4,829 9,219 117 154 271 9,490 
Originated in 20202,737 68 68 136 2,873 3,169 92 71 163 3,332 
Originated prior to 20204,075 8 75 83 4,158 5,303 30 209 239 5,542 
Revolving(b)
27,344 169 812 981 28,325 26,213 362 1,254 1,616 27,829 
Total commercial135,2571,2123,0154,227139,484127,0031,7023,1764,878131,881
Commercial real estate          
Originated in 20249,652 261 1,772 2,033 11,685 — — — — — 
Originated in 20235,213 42 760 802 6,015 8,848 465 2,206 2,671 11,519 
Originated in 20229,047 661 913 1,574 10,621 11,831 382 1,141 1,523 13,354 
Originated in 20216,515 100 196 296 6,811 9,235 500 385 885 10,120 
Originated in 20202,954 29 137 166 3,120 3,797 51 87 138 3,935 
Originated prior to 20207,868 119 471 590 8,458 10,759 458 619 1,077 11,836 
Revolving2,078 — 68 68 2,146 2,613 6 70 76 2,689 
Revolving converted to term3 — — — 3 2 — — — 2 
Total commercial real estate43,330 1,212 4,317 5,529 48,859 47,085 1,862 4,508 6,370 53,455 
Residential mortgages(c)
          
Originated in 202410,291 — — — 10,291 — — — — — 
Originated in 20238,764 — 11 11 8,775 9,734 — 5 5 9,739 
Originated in 202228,484 — 43 43 28,527 29,146 — 17 17 29,163 
Originated in 202134,694 — 35 35 34,729 36,365 — 16 16 36,381 
Originated in 202013,748 — 16 16 13,764 14,773 — 9 9 14,782 
Originated prior to 202022,463 — 264 264 22,727 25,202 — 262 262 25,464 
Revolving— — — — — 1 — — — 1 
Total residential mortgages118,444 — 369 369 118,813 115,221 — 309 309 115,530 
Credit card(d)
29,915 — 435 435 30,350 28,185 — 375 375 28,560 
Other retail          
Originated in 20247,398 — 3 3 7,401 — — — — — 
Originated in 20233,966 — 9 9 3,975 5,184 — 4 4 5,188 
Originated in 20224,085 — 11 11 4,096 5,607 — 12 12 5,619 
Originated in 20216,537 — 14 14 6,551 10,398 — 15 15 10,413 
Originated in 20202,715 — 6 6 2,721 4,541 — 9 9 4,550 
Originated prior to 20202,828 — 15 15 2,843 4,008 — 20 20 4,028 
Revolving13,846 — 120 120 13,966 13,720 — 104 104 13,824 
Revolving converted to term731 — 42 42 773 735 — 52 52 787 
Total other retail42,106 — 220 220 42,326 44,193 — 216 216 44,409 
Total loans$369,052 $2,424 $8,356 $10,780 $379,832 $361,687 $3,564 $8,584 $12,148 $373,835 
Total outstanding commitments$778,155 $3,875 $10,441 $14,316 $792,471 $762,869 $5,053 $10,470 $15,523 $778,392 
Note: Year of origination is based on the origination date of a loan, or for existing loans the date when the maturity date, pricing or commitment amount is amended. Predominantly all current year and nearer term loan origination years for criticized loans relate to existing loans that have had recent maturity date, pricing or commitment amount amendments.
(a)Classified rating on consumer loans primarily based on delinquency status.
(b)Includes an immaterial amount of revolving converted to term loans.
(c)At December 31, 2024, $2.3 billion of GNMA loans 90 days or more past due and $1.4 billion of modified GNMA loans whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs were classified with a pass rating, compared with $2.0 billion and $1.2 billion at December 31, 2023, respectively.
(d)Predominately all credit card loans are considered revolving loans. Includes an immaterial amount of revolving converted to term loans.
Loans by Portfolio Class, Including Delinquency Status
The following table provides a summary of loans by portfolio class, including the delinquency status of those that continue to accrue interest, and those that are nonperforming:
Accruing
(Dollars in Millions)Current30-89 Days Past Due90 Days or More Past Due
Nonperforming(b)
Total
December 31, 2024     
Commercial$138,362 $356 $96 $670 $139,484 
Commercial real estate47,948 78 9 824 48,859 
Residential mortgages(a)
118,267 188 206 152 118,813 
Credit card29,487 428 435 — 30,350 
Other retail41,886 229 64 147 42,326 
Total loans$375,950 $1,279 $810 $1,793 $379,832 
December 31, 2023
Commercial$130,925 $464 $116 $376 $131,881 
Commercial real estate52,619 55 4 777 53,455 
Residential mortgages(a)
115,067 169 136 158 115,530 
Credit card27,779 406 375 — 28,560 
Other retail43,926 278 67 138 44,409 
Total loans$370,316 $1,372 $698 $1,449 $373,835 
(a)At December 31, 2024, $660 million of loans 30–89 days past due and $2.3 billion of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose repayments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $595 million and $2.0 billion at December 31, 2023, respectively.
(b)Substantially all nonperforming loans at December 31, 2024 and 2023, had an associated allowance for credit losses. The Company recognized interest income on nonperforming loans of $29 million and $22 million for the years ended December 31, 2024 and 2023, respectively, compared to what would have been recognized at the original contractual terms of the loans of $66 million and $49 million, respectively.
Loans Modified The following table provides a summary of period-end balances of loans modified during the periods presented, by portfolio class and modification granted:
Year Ended December 31 (Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
Total ModificationsPercent of Class Total
2024
Commercial$77 $2 $526 $— $605 .4 %
Commercial real estate43 — 1,107 70 1,220 2.5 
Residential mortgages(b)
— 79 17 23 119 .1 
Credit card414 11 — — 425 1.4 
Other retail7 3 125 4 139 .3 
Total loans, excluding loans purchased from GNMA mortgage pools541 95 1,775 97 2,508 .7 
Loans purchased from GNMA mortgage pools(b)
1 1,215 292 407 1,915 1.6 
Total loans$542 $1,310 $2,067 $504 $4,423 1.2 %
2023
Commercial$46 $— $286 $33 $365 .3 %
Commercial real estate— — 645 72 717 1.3 
Residential mortgages(b)
— 234 26 20 280 .2 
Credit card349 1 — — 350 1.2 
Other retail7 21 144 3 175 .4 
Total loans, excluding loans purchased from GNMA mortgage pools402 256 1,101 128 1,887 .5 
Loans purchased from GNMA mortgage pools(b)
— 1,263 255 321 1,839 1.6 
Total loans$402 $1,519 $1,356 $449 $3,726 1.0 %
(a)Includes $310 million of total loans receiving a payment delay and term extension, $155 million of total loans receiving an interest rate reduction and term extension and $39 million of total loans receiving an interest rate reduction, payment delay and term extension for the year ended December 31, 2024, compared with $329 million, $112 million and $8 million for the year ended December 31, 2023, respectively.
(b)Percent of class total amounts expressed as a percent of total residential mortgage loan balances.
The following table summarizes the effects of loan modifications made to borrowers on loans modified:
Year Ended December 31Weighted-Average Interest Rate ReductionWeighted-Average Months of Term Extension
2024
Commercial(a)
20.3 %11
Commercial real estate3.2 13
Residential mortgages1.1 90
Credit card16.4 — 
Other retail7.7 5
Loans purchased from GNMA mortgage pools.6 110
2023
Commercial(a)
13.0 12
Commercial real estate3.5 11
Residential mortgages1.2 98
Credit card15.4 — 
Other retail7.9 4
Loans purchased from GNMA mortgage pools.6 103
Note: The weighted-average payment deferral for all portfolio classes was less than $1 million for the years ended December 31, 2024 and 2023. Forbearance payments are required to be paid at the end of the original term loan.
(a)The weighted-average interest rate reduction was primarily driven by commercial cards.
The following table provides a summary of loan balances as of December 31, which were modified during the prior twelve months, by portfolio class and delinquency status:
(Dollars in Millions)Current30-89 Days Past Due90 Days or More Past DueTotal
2024
Commercial$395 $26 $167 $588 
Commercial real estate875 26 319 1,220 
Residential mortgages(a)
1,469 4 6 1,479 
Credit card302 73 39 414 
Other retail112 19 6 137 
Total loans$3,153 $148 $537 $3,838 
2023
Commercial$255 $12 $98 $365 
Commercial real estate524 — 193 717 
Residential mortgages(a)
1,385 24 16 1,425 
Credit card251 67 32 350 
Other retail133 21 8 162 
Total loans$2,548 $124 $347 $3,019 
(a)At December 31, 2024, $442 million of loans 30-89 days past due and $324 million of loans 90 days or more past due purchased and that could be purchased from GNMA mortgage pools under delinquent loan repurchase options whose payments are insured by the Federal Housing Administration or guaranteed by the United States Department of Veterans Affairs, were classified as current, compared with $372 million and $175 million at December 31, 2023, respectively.
Loans Modified During the year that Defaulted
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified within twelve months prior to default.
Year Ended December 31 (Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2024
Commercial$30 $— $45 $— 
Commercial real estate43 — 137 — 
Residential mortgages— 3 — 3 
Credit card128 — — — 
Other retail2 — 20 — 
Total loans, excluding loans purchased from GNMA mortgage pools203 3 202 3 
Loans purchased from GNMA mortgage pools1 168 78 89 
Total loans$204 $171 $280 $92 
(a)Includes $81 million of total loans receiving a payment delay and term extension, $8 million of total loans receiving an interest rate reduction and term extension and $3 million of total loans receiving an interest rate reduction, payment delay and term extension.
Loans Modified as Troubled Debt Restructurings that Defaulted
The following table provides a summary of loans that defaulted (fully or partially charged-off or became 90 days or more past due) that were modified on or after January 1, 2023, the date the Company adopted accounting guidance which removed the separate recognition and measurement of troubled debt restructurings, through December 31, 2023:

Year Ended December 31 (Dollars in Millions)Interest Rate ReductionPayment DelayTerm Extension
Multiple Modifications(a)
2023
Commercial$7 $— $— $— 
Commercial real estate— — 1 — 
Residential mortgages— 8 2 1 
Credit card35 — — — 
Other retail1 1 11 — 
Total loans, excluding loans purchased from GNMA mortgage pools43 9 14 1 
Loans purchased from GNMA mortgage pools— 67 30 37 
Total loans$43 $76 $44 $38 
(a)Represents loans receiving a payment delay and term extension.