Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Schedule of the Allowance for Loan Losses by Portfolio Segment

The following table provides a rollforward of the ALLL and the reserve for unfunded lending commitments by portfolio type for the three and nine months ended September 30, 2024 and 2023:

ROLLFORWARD OF ALLL & RESERVE FOR UNFUNDED LENDING COMMITMENTS
(Dollars in millions)	Commercial, Financial, and Industrial (a)		Commercial Real Estate		Consumer Real Estate		Credit Card and Other		Total
	Three Months Ended September 30, 2024
Allowance for loan and lease losses:
Balance as of July 1, 2024	$	344	$	221	$	231	$	25	$	821
Charge-offs	(12)		(15)		(1)		(5)		(33)
Recoveries	4		1		3		1		9
Provision for loan and lease losses	16		11		(3)		2		26
Balance as of September 30, 2024	$	352	$	218	$	230	$	23	$	823
Reserve for remaining unfunded commitments:
Balance as of July 1, 2024	$	44	$	10	$	12	$	—	$	66
Provision for remaining unfunded commitments	11		(2)		—		—		9
Balance as of September 30, 2024	55		8		12		—		75
Allowance for credit losses as of September 30, 2024	$	407	$	226	$	242	$	23	$	898
	Three Months Ended September 30, 2023
Allowance for loan and lease losses:
Balance as of July 1, 2023	$	326	$	159	$	221	$	31	$	737
Charge-offs (b)	(91)		(5)		(1)		(7)		(104)
Recoveries	5		1		2		1		9
Provision for loan and lease losses	95		14		6		3		118
Balance as of September 30, 2023	$	335	$	169	$	228	$	28	$	760
Reserve for remaining unfunded commitments:
Balance as of July 1, 2023	$	55	$	24	$	11	$	—	$	90
Provision for remaining unfunded commitments	(6)		(3)		1		—		(8)
Balance as of September 30, 2023	49		21		12		—		82
Allowance for credit losses as of September 30, 2023	$	384	$	190	$	240	$	28	$	842

(Dollars in millions)	Commercial, Financial, and Industrial (a)		Commercial Real Estate		Consumer Real Estate		Credit Card and Other		Total
	Nine Months Ended September 30, 2024
Allowance for loan and lease losses:
Balance as of January 1, 2024	$	339	$	172	$	233	$	29	$	773
Charge-offs	(64)		(47)		(2)		(15)		(128)
Recoveries	19		1		6		4		30
Provision for loan and lease losses	58		92		(7)		5		148
Balance as of September 30, 2024	$	352	$	218	$	230	$	23	$	823
Reserve for remaining unfunded commitments:
Balance as of January 1, 2024	$	49	$	22	$	12	$	—	$	83
Provision for remaining unfunded commitments	6		(14)		—		—		(8)
Balance as of September 30, 2024	55		8		12		—		75
Allowance for credit losses as of September 30, 2024	$	407	$	226	$	242	$	23	$	898
	Nine Months Ended September 30, 2023
Allowance for loan and lease losses:
Balance as of January 1, 2023	$	308	$	146	$	200	$	31	$	685
Adoption of ASU 2022-02	1		—		(7)		—		(6)
Charge-offs (b)	(124)		(15)		(3)		(17)		(159)
Recoveries	12		2		7		4		25
Provision for loan and lease losses	138		36		31		10		215
Balance as of September 30, 2023	$	335	$	169	$	228	$	28	$	760
Reserve for remaining unfunded commitments:
Balance as of January 1, 2023	$	55	$	22	$	10	$	—	$	87
Provision for remaining unfunded commitments	(6)		(1)		2		—		(5)
Balance as of September 30, 2023	49		21		12		—		82
Allowance for credit losses as of September 30, 2023	$	384	$	190	$	240	$	28	$	842

(a) C&I loans as of September 30, 2024 and 2023 include $15 million and $35 million in PPP loans, respectively, which due to the government guarantee and forgiveness provisions are considered to have no credit risk and therefore have no allowance for loan and lease losses.

(b) Charge-offs in the C&I portfolio in 2023 include $72 million from a single credit from a company in bankruptcy.

Schedule of Gross Charge offs by Year of Origination

The following table presents gross charge-offs by year of origination for the nine months ended September 30, 2024 and 2023:

GROSS CHARGE-OFFS
(Dollars in millions)	2024		2023		2022		2021		2020		Prior to 2020		Revolving Loans		Total
C&I	$	—	$	13	$	13	$	23	$	1	$	11	$	3	$	64
CRE	—		—		1		—		16		30		—		47
Consumer Real Estate	—		1		—		—		—		1		—		2
Credit Card and Other	6		1		1		—		—		1		6		15
Total	$	6	$	15	$	15	$	23	$	17	$	43	$	9	$	128

	2023		2022		2021		2020		2019		Prior to 2019		Revolving Loans		Total
C&I (a)	$	74	$	13	$	6	$	4	$	9	$	13	$	5	$	124
CRE	—		—		—		—		2		13		—		15
Consumer Real Estate	—		—		—		1		—		2		—		3
Credit Card and Other	9		—		1		—		—		2		5		17
Total	$	83	$	13	$	7	$	5	$	11	$	30	$	10	$	159

(a) Includes $72 million from a single credit from a company in bankruptcy.