Credit Quality And Allowance For Credit Losses (Tables)

12 Months Ended

Dec. 31, 2023

Credit Quality And Allowance For Credit Losses [Abstract]

Aging Analysis Of Loans

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		Total		Nonaccrual Loans		Current Loans		Total  Loans
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 construction	3		—		—		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 mortgage	54		12		9		75		41		13,570		13,686
Lease financing	4		—		—		4		—		803		807
International	—		—		1		1		20		1,081		1,102
Total business loans	109		26		20		155		138		47,636		47,929
Retail loans:
Residential mortgage	10		6		—		16		19		1,854		1,889
Consumer:
Home equity	11		5		—		16		21		1,755		1,792
Other consumer	31		—		—		31		—		472		503
Total consumer	42		5		—		47		21		2,227		2,295
Total retail loans	52		11		—		63		40		4,081		4,184
Total loans	$	161	$	37	$	20	$	218	$	178	$	51,717	$	52,113
December 31, 2022
Business loans:
Commercial	$	238	$	13	$	20	$	271	$	142	$	30,496	$	30,909
Real estate construction:
Commercial Real Estate business line (a)	—		—		—		—		—		2,505		2,505
Other business lines (b)	2		—		—		2		3		595		600
Total real estate construction	2		—		—		2		3		3,100		3,105
Commercial mortgage:
Commercial Real Estate business line (a)	—		6		—		6		1		4,674		4,681
Other business lines (b)	64		5		3		72		22		8,531		8,625
Total commercial mortgage	64		11		3		78		23		13,205		13,306
Lease financing	6		—		—		6		—		754		760
International	—		9		—		9		3		1,185		1,197
Total business loans	310		33		23		366		171		48,740		49,277
Retail loans:
Residential mortgage	22		—		—		22		53		1,739		1,814
Consumer:
Home equity	4		3		—		7		15		1,754		1,776
Other consumer	5		1		—		6		1		528		535
Total consumer	9		4		—		13		16		2,282		2,311
Total retail loans	31		4		—		35		69		4,021		4,125
Total loans	$	341	$	37	$	23	$	401	$	240	$	52,761	$	53,402

(a)Primarily loans to real estate developers.

(b)Primarily loans secured by owner-occupied real estate.

Loans By Credit Quality Indicator and Vintage Year

	December 31, 2023
	Vintage Year
(in millions)	2023			2022			2021			2020		2019		Prior		Revolvers		Revolvers Converted to Term		Total
Business loans:
Commercial:
Pass (a)	$	3,105	(b)	$	3,013	(b)	$	2,072	(b)	$	593	$	610	$	1,033	$	15,394	$	13	$	25,833
Criticized (b)	85			169			226			42		59		75		760		2		1,418
Total commercial	3,190			3,182			2,298			635		669		1,108		16,154		15		27,251
Commercial gross charge-offs	1			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 construction	505			2,258			1,615			331		50		36		288		—		5,083
Real estate construction gross charge-offs	—			—			—			—		—		—		—		—		—
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 mortgage	1,695			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 financing	178			327			113			50		41		98		—		—		807
Lease financing gross charge-offs	—			—			—			—		—		—		—		—		—
International
Pass (a)	286			168			89			35		76		2		415		—		1,071
Criticized (b)	15			2			7			—		—		6		1		—		31
Total international	301			170			96			35		76		8		416		—		1,102
International gross charge-offs	12			—			—			—		—		1		—		—		13
Total business loans	5,869			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 mortgage	256			296			374			450		131		382		—		—		1,889
Residential mortgage gross charge-offs	—			—			—			—		—		—		—		—		—
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
Criticized (b)	—			—			—			—		—		—		—		—		—
Total other consumer	23			38			22			8		4		46		362		—		503
Other consumer gross charge-offs	—			—			—			—		1		—		—		—		1
Total consumer	23			38			22			8		4		54		2,085		61		2,295
Total retail loans	279			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
Table continues on the following page.

	December 31, 2022
	Vintage Year
	2022			2021			2020		2019		2018		Prior		Revolvers		Revolvers Converted to Term		Total
Business loans:
Commercial:
Pass (a)	$	3,946	(b)	$	3,509	(b)	$	917	$	1,041	$	598	$	1,030	$	18,604	$	9	$	29,654
Criticized (b)	75			274			81		69		45		78		632		1		1,255
Total commercial	4,021			3,783			998		1,110		643		1,108		19,236		10		30,909
Real estate construction:
Pass (a)	836			1,134			633		162		102		28		207		—		3,102
Criticized (b)	—			—			3		—		—		—		—		—		3
Total real estate construction	836			1,134			636		162		102		28		207		—		3,105
Commercial mortgage:
Pass (a)	3,349			2,501			1,825		1,394		1,050		2,182		838		—		13,139
Criticized (b)	7			5			7		32		31		75		10		—		167
Total commercial mortgage	3,356			2,506			1,832		1,426		1,081		2,257		848		—		13,306
Lease financing
Pass (a)	316			140			64		47		37		130		—		—		734
Criticized (b)	10			—			2		8		5		1		—		—		26
Total lease financing	326			140			66		55		42		131		—		—		760
International
Pass (a)	317			161			55		88		19		14		498		—		1,152
Criticized (b)	12			—			3		—		3		10		17		—		45
Total international	329			161			58		88		22		24		515		—		1,197
Total business loans	8,868			7,724			3,590		2,841		1,890		3,548		20,806		10		49,277
Retail loans:
Residential mortgage
Pass (a)	327			398			480		133		68		355		—		—		1,761
Criticized (b)	4			—			—		9		1		39		—		—		53
Total residential mortgage	331			398			480		142		69		394		—		—		1,814
Consumer:
Home equity
Pass (a)	—			—			—		—		—		9		1,708		40		1,757
Criticized (b)	—			—			—		—		—		—		17		2		19
Total home equity	—			—			—		—		—		9		1,725		42		1,776
Other consumer
Pass (a)	69			38			50		8		1		10		355		—		531
Criticized (b)	—			—			—		1		—		—		3		—		4
Total other consumer	69			38			50		9		1		10		358		—		535
Total consumer	69			38			50		9		1		19		2,083		42		2,311
Total retail loans	400			436			530		151		70		413		2,083		42		4,125
Total loans	$	9,268		$	8,160		$	4,120	$	2,992	$	1,960	$	3,961	$	22,889	$	52	$	53,402

(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.

Changes In The Allowance For Loan Losses

The following table details the changes in the allowance for credit losses.

	2023									2022									2021
(in millions)	Business Loans			Retail Loans			Total			Business Loans			Retail Loans			Total			Business Loans			Retail Loans			Total
Years Ended December 31,
Balance at beginning of period:
Allowance for loan losses	$	541		$	69		$	610		$	531		$	57		$	588		$	895		$	53		$	948
Allowance for credit losses on lending-related commitments	40			11			51			24			6			30			35			9			44
Allowance for credit losses	581			80			661			555			63			618			930			62			992
Loan charge-offs	(59)			(3)			(62)			(65)			(3)			(68)			(67)			(3)			(70)
Recoveries on loans previously charged-off	38			2			40			47			4			51			76			4			80
Net loan (charge-offs) recoveries	(21)			(1)			(22)			(18)			1			(17)			9			1			10
Provision for credit losses:
Provision for loan losses	100			—			100			28			11			39			(373)			3			(370)
Provision for credit losses on lending-related commitments	(9)			(2)			(11)			16			5			21			(11)			(3)			(14)
Provision for credit losses	91			(2)			89			44			16			60			(384)			—			(384)
Balance at end of period:
Allowance for loan losses	620			68			688			541			69			610			531			57			588
Allowance for credit losses on lending-related commitments	31			9			40			40			11			51			24			6			30
Allowance for credit losses	$	651		$	77		$	728		$	581		$	80		$	661		$	555		$	63		$	618
Allowance for loan losses as a percentage of total loans	1.29		%	1.63		%	1.32		%	1.10		%	1.67		%	1.14		%	1.17		%	1.47		%	1.19		%
Allowance for credit losses as a percentage of total loans	1.36			1.85			1.40			1.18			1.96			1.24			1.22			1.63			1.26

Financing Receivable, Nonaccrual

The following table presents additional information regarding nonaccrual loans. Interest income of $9 million, $12 million and $11 million was recognized on nonaccrual loans for the years ended December 31, 2023, 2022 and 2021, respectively.

(in millions)	Nonaccrual Loans with No Related Allowance		Nonaccrual Loans with Related Allowance		Total Nonaccrual Loans
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 mortgage	17		24		41
International	3		17		20
Total business loans	69		69		138
Retail loans:
Residential mortgage	19		—		19
Consumer:
Home equity	21		—		21
Total consumer	21		—		21
Total retail loans	40		—		40
Total nonaccrual loans	$	109	$	69	$	178
December 31, 2022
Business loans:
Commercial	$	64	$	78	$	142
Real estate construction:
Other business lines (a)	—		3		3
Commercial mortgage:
Commercial Real Estate business line (b)	—		1		1
Other business lines (a)	4		18		22
Total commercial mortgage	4		19		23
International	3		—		3
Total business loans	71		100		171
Retail loans:
Residential mortgage	53		—		53
Consumer:
Home equity	15		—		15
Other consumer	1		—		1
Total consumer	16		—		16
Total retail loans	69		—		69
Total nonaccrual loans	$	140	$	100	$	240

(a)Primarily loans secured by owner-occupied real estate.

(b)Primarily loans to real estate developers.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The following table displays the amortized cost basis at December 31, 2023 of loan modifications made to borrowers experiencing financial difficulty that were restructured during the year ended December 31, 2023 by type of modification.

(in millions)	Term Extension (a)		Payment Delay (a)		Interest Rate Reduction		Combinations (b)		Total		Percent of Total Class
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 construction	10		—		—		—		10		0.19
Commercial mortgage:
Other business lines (c)	15		—		—		10		25		0.28
Total commercial mortgage	15		—		—		10		25		0.18
Total business loans	117		20		10		12		159		0.33
Retail loans:
Consumer:
Home equity	1		—		1		1		3		0.16
Total consumer	1		—		1		1		3		0.13
Total retail loans	1		—		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, 2023, this primarily related to modifications where the interest rate was reduced and the term was extended.

(c)Primarily loans secured by owner-occupied real estate.

Financial Effect of Loan Modification

The following table summarizes the financial impacts of loan modifications made to specific loans during the year ended December 31, 2023.

	Weighted-Average Term Extension (in months)	Weighted-Average Interest Rate Reduction
Year Ended December 31, 2023
Business loans:
Commercial	10.4	(2.01)	%
Real estate construction:
Other business lines (a)	9.3	—
Total real estate construction	9.3	—
Commercial mortgage:
Other business lines (a)	17.6	(0.68)
Total commercial mortgage	17.6	(0.68)
Total business loans	11.7	(1.35)
Retail loans:
Consumer:
Home equity	145.4	(3.01)
Total consumer	145.4	(3.01)
Total retail loans	145.4	(3.01)
Total loans	13.1	(1.49)	%

(a)Primarily loans secured by owner-occupied real estate.

Troubled Debt Restructurings By Type Of Modification

The following table details the amortized cost basis at December 31, 2022 of loans considered to be TDRs that were restructured during the year ended December 31, 2022 by type of modification. In cases of loans with more than one type of modification, the loans were categorized based on the most significant modification.

	Type of Modification
(in millions)	Principal Deferrals (a)		Interest Rate Reductions		Total Modifications
Year Ended December 31, 2022
Business loans:
Commercial	$	26	$	—	$	26
Real estate construction:
Other business lines (b)	3		—		3
Commercial mortgage:
Other business lines (b)	14		—		14
Total business loans	43		—		43
Retail loans:
Residential mortgage	—		27		27
Consumer:
Home equity (c)	1		1		2
Other consumer	—		1		1
Total consumer	1		2		3
Total retail loans	1		29		30
Total loans	$	44	$	29	$	73

(a)Primarily represents loan balances where terms were extended by more than an insignificant time period, typically more than 180 days, at or above contractual interest rates. Also includes commercial loans restructured in bankruptcy.

(b)Primarily loans secured by owner-occupied real estate.

(c)Includes bankruptcy loans for which the court has discharged the borrower's obligation and the borrower has not reaffirmed the debt.