Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2022

Receivables [Abstract]

Schedule of Allowance for Credit Losses

The ACL activity for loans and leases and the ACL for unfunded commitments is summarized in the following tables.

ACL for Loans and Leases

dollars in millions	Three Months Ended September 30, 2022						Nine Months Ended September 30, 2022
	Commercial		Consumer		Total		Commercial		Consumer		Total
Balance at beginning of period	$	740	$	110	$	850	$	80	$	98	$	178
Initial PCD ACL(1)	—		—		—		258		14		272
Initial Non-PCD Provision	—		—		—		432		22		454
Provision (benefit) for credit losses - loans and leases	43		7		50		53		(20)		33
Total provision for credit losses- loans and leases	43		7		50		485		2		487
Charge-offs(1)	(28)		(5)		(33)		(92)		(15)		(107)
Recoveries	11		4		15		35		17		52
Balance at September 30, 2022	$	766	$	116	$	882	$	766	$	116	$	882
	Three Months Ended September 30, 2021						Nine Months Ended September 30, 2021
	Commercial		Consumer		Total		Commercial		Consumer		Total
Balance at beginning of period	$	86	$	103	$	189	$	92	$	133	$	225
Provision (benefit) for credit losses - loans and leases	—		(1)		(1)		(3)		(29)		(32)
Charge-offs	(7)		(4)		(11)		(14)		(13)		(27)
Recoveries	3		3		6		7		10		17
Balance at September 30, 2021	$	82	$	101	$	183	$	82	$	101	$	183

(1)     The Initial PCD ACL related to the CIT Merger was $272 million, net of an additional $243 million for loans that CIT charged-off prior to the Merger Date (whether full or partial) which met BancShares’ charge-off policy at the Merger Date.

ACL for Unfunded Commitments

dollars in millions	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning balance	$	81	$	11	$	12	$	13
Provision (benefit) for credit losses - unfunded commitments	10		—		79		(2)
Ending balance	$	91	$	11	$	91	$	11