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Credit Quality And Allowance For Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Credit Loss [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		TotalNonaccrual
Loans		Current
Loans		Total 
Loans
June 30, 2024
Business loans:
Commercial$69 $8 $5 $82 $94 $26,937 $27,113 
Real estate construction:
Commercial Real Estate business line (a)— — — — — 4,230 4,230 
Other business lines (b)18 — — 18 — 306 324 
Total real estate construction18 — — 18 — 4,536 4,554 
Commercial mortgage:
Commercial Real Estate business line (a)9 — — 9 18 5,339 5,366 
Other business lines (b)33 3 3 39 51 8,700 8,790 
Total commercial mortgage42 3 3 48 69 14,039 14,156 
Lease financing5 — — 5 1 800 806 
International— — — — 13 1,074 1,087 
Total business loans134 11 8 153 177 47,386 47,716 
Retail loans:
Residential mortgage26 3 — 29 23 1,844 1,896 
Consumer:
Home equity11 2 2 15 26 1,733 1,774 
Other consumer1 2 1 4 — 460 464 
Total consumer12 4 3 19 26 2,193 2,238 
Total retail loans38 7 3 48 49 4,037 4,134 
Total loans$172 $18 $11 $201 $226 $51,423 $51,850 
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 construction3 — — 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 mortgage54 12 9 75 41 13,570 13,686 
Lease financing4 — — 4 — 803 807 
International— — 1 1 20 1,081 1,102 
Total business loans109 26 20 155 138 47,636 47,929 
Retail loans:
Residential mortgage10 6 — 16 19 1,854 1,889 
Consumer:
Home equity11 5 — 16 21 1,755 1,792 
Other consumer31 — — 31 — 472 503 
Total consumer42 5 — 47 21 2,227 2,295 
Total retail loans52 11 — 63 40 4,081 4,184 
Total loans$161 $37 $20 $218 $178 $51,717 $52,113 
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.
Loans By Credit Quality Indicator and Vintage Year
The following table presents loans by credit quality indicator and vintage year. Credit quality indicator is based on internal risk ratings assigned to each business loan at the time of approval and subjected to subsequent reviews, generally at least annually, and to pools of retail loans with similar risk characteristics. Vintage year is the year of origination or major modification.
June 30, 2024
Vintage Year
(in millions)20242023202220212020PriorRevolversRevolvers Converted to TermTotal
Business loans:
Commercial
    Pass (a)$1,572 $2,661 $2,307 $1,578 $505 $1,457 $15,690 $13 $25,783 
    Criticized (b)32 85 197 195 36 91 689 5 1,330 
Total commercial1,604 2,746 2,504 1,773 541 1,548 16,379 18 27,113 
Commercial gross charge-offs— 1 6 15 9 6 1 1 39 
Real estate construction
    Pass (a)74 623 2,124 1,238 138 50 272 — 4,519 
    Criticized (b)— — 35 — — — — — 35 
Total real estate construction74 623 2,159 1,238 138 50 272 — 4,554 
Commercial mortgage
    Pass (a)660 1,613 3,310 2,407 1,537 2,867 797 — 13,191 
    Criticized (b)36 171 287 76 55 334 6 — 965 
Total commercial mortgage696 1,784 3,597 2,483 1,592 3,201 803 — 14,156 
Commercial mortgage gross charge-offs— — 6 — — — — — 6 
Lease financing
    Pass (a)129 234 190 101 36 100 — — 790 
    Criticized (b)1 5 2 — 3 5 — — 16 
Total lease financing130 239 192 101 39 105 — — 806 
Lease financing gross charge-offs— — 3 — — — — — 3 
International
    Pass (a)219 105 140 68 29 29 471 — 1,061 
    Criticized (b)2 7 2 8 — 4 3 — 26 
Total international221 112 142 76 29 33 474 — 1,087 
Total business loans2,725 5,504 8,594 5,671 2,339 4,937 17,928 18 47,716 
Retail loans:
Residential mortgage
    Pass (a)63 244 287 362 436 478 — — 1,870 
    Criticized (b)3 — 1 2 — 20 — — 26 
Total residential mortgage66 244 288 364 436 498 — — 1,896 
Consumer:
Home equity
    Pass (a)— — — — — 7 1,668 69 1,744 
    Criticized (b)— — — — — — 27 3 30 
Total home equity— — — — — 7 1,695 72 1,774 
Other consumer
    Pass (a)9 12 33 17 8 53 330 — 462 
    Criticized (b)1 — — — — — 1 — 2 
Total other consumer10 12 33 17 8 53 331 — 464 
Other consumer gross charge-offs— — — — — 1 — — 1 
Total consumer10 12 33 17 8 60 2,026 72 2,238 
Total retail loans76 256 321 381 444 558 2,026 72 4,134 
Total loans$2,801 $5,760 $8,915 $6,052 $2,783 $5,495 $19,954 $90 $51,850 
Table continues on the following page.
December 31, 2023Vintage Year
20232022202120202019PriorRevolversRevolvers Converted to TermTotal
Business loans:
Commercial
    Pass (a)$3,105 $3,013 $2,072 $593 $610 $1,033 $15,394 $13 $25,833 
    Criticized (b)85 169 226 42 59 75 760 2 1,418 
Total commercial3,190 3,182 2,298 635 669 1,108 16,154 15 27,251 
Commercial gross charge-offs1 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 construction505 2,258 1,615 331 50 36 288 — 5,083 
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 mortgage1,695 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 financing178 327 113 50 41 98 — — 807 
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-offs12 — — — — 1 — — 13 
Total business loans5,869 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 mortgage256 296 374 450 131 382 — — 1,889 
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 
Total other consumer23 38 22 8 4 46 362 — 503 
Other consumer gross charge-offs— — — — 1 — — — 1 
Total consumer23 38 22 8 4 54 2,085 61 2,295 
Total retail loans279 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 
(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 on page F-52 in the Corporation's 2023 Annual Report. 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.
 20242023
(in millions)Business LoansRetail LoansTotalBusiness LoansRetail LoansTotal
Three Months Ended June 30
Balance at beginning of period:
Allowance for loan losses$626 $65 $691 $570 $71 $641 
Allowance for credit losses on lending-related commitments28 9 37 39 13 52 
Allowance for credit losses654 74 728 609 84 693 
Loan charge-offs(28)— (28)(10)(1)(11)
Recoveries on loans previously charged-off16 1 17 13 — 13 
Net loan (charge-offs) recoveries(12)1 (11)3 (1)2 
Provision for credit losses:
Provision for loan losses6 — 6 41 — 41 
Provision for credit losses on lending-related commitments(5)(1)(6)(5)(3)(8)
Provision for credit losses1 (1)— 36 (3)33 
Balance at end of period:
Allowance for loan losses620 66 686 614 70 684 
Allowance for credit losses on lending-related commitments23 8 31 34 10 44 
Allowance for credit losses$643 $74 $717 $648 $80 $728 
Six Months Ended June 30
Balance at beginning of period
Allowance for loan losses$620 $68 $688 $541 $69 $610 
Allowance for credit losses on lending-related commitments31 9 40 40 11 51 
Allowance for credit losses651 77 728 581 80 661 
Loan charge-offs(48)(1)(49)(21)(2)(23)
Recoveries on loans previously charged-off22 2 24 26 1 27 
Net loan (charge-offs) recoveries(26)1 (25)5 (1)4 
Provision for credit losses:
Provision for loan losses26 (3)23 68 2 70 
Provision for credit losses on lending-related commitments(8)(1)(9)(6)(1)(7)
Provision for credit losses18 (4)14 62 1 63 
Balance at end of period:
Allowance for loan losses620 66 686 614 70 684 
Allowance for credit losses on lending-related commitments23 8 31 34 10 44 
Allowance for credit losses$643 $74 $717 $648 $80 $728 
Allowance for loan losses as a percentage of total loans1.30 %1.59 %1.32 %1.19 %1.70 %1.23 %
Allowance for credit losses as a percentage of total loans1.35 1.79 1.38 1.26 1.95 1.31 
Financing Receivable, Nonaccrual
The following table presents additional information regarding nonaccrual loans. Interest income of $6 million and $2 million was recognized on nonaccrual loans for the three-month periods ended June 30, 2024 and 2023, respectively. For the six-month periods ended June 30, 2024 and 2023, the Corporation recognized interest income of $8 million and $6 million, respectively, on nonaccrual loans.
(in millions)Nonaccrual Loans with No Related AllowanceNonaccrual Loans with Related AllowanceTotal Nonaccrual Loans
June 30, 2024
Business loans:
Commercial$35 $59 $94 
Commercial mortgage:
Commercial Real Estate business line (a)— 18 18 
Other business lines (b)8 43 51 
Total commercial mortgage8 61 69 
Lease financing— 1 1 
International3 10 13 
Total business loans46 131 177 
Retail loans:
Residential mortgage23 — 23 
Consumer:
Home equity26 — 26 
Total retail loans49 — 49 
Total nonaccrual loans$95 $131 $226 
December 31, 2023
Business loans:
Commercial$47 $28 $75 
Real estate construction:
Other business lines (b)2 — 2 
Commercial mortgage:
Commercial Real Estate business line (a)— 18 18 
Other business lines (b)17 6 23 
Total commercial mortgage17 24 41 
International3 17 20 
Total business loans69 69 138 
Retail loans:
Residential mortgage19 — 19 
Consumer:
Home equity21 — 21 
Total consumer21 — 21 
Total retail loans40 — 40 
Total nonaccrual loans$109 $69 $178 
(a)Primarily loans to real estate developers.
(b)Primarily loans secured by owner-occupied real estate.
Loan Modifications Made to Borrowers Experiencing Financial Difficulty
The following table displays the amortized cost basis of FDMs at June 30, 2024 and 2023 that were restructured during the three- and six-month periods ended June 30, 2024 and 2023 by type of modification.
(in millions)Term Extension (a)Payment Delay (a)Interest Rate ReductionCombinations (b)TotalPercent of Total Class
Three Months Ended June 30, 2024
Business loans:
Commercial$91 $— $7 $3 $101 0.38 %
Commercial mortgage:
Other business lines (c)9 — — — 9 0.10 
Total commercial mortgage9 — — — 9 0.06 
International8 — — — 8 0.71 
    Total business loans108 — 7 3 118 0.25 
Retail loans:
Consumer:
Home equity— — 1 — 1 0.07 
Total consumer— — 1 — 1 0.05 
    Total retail loans— — 1 — 1 0.03 
Total loans$108 $— $8 $3 $119 0.23 %
Three Months Ended June 30, 2023
Business loans:
Commercial$25 $22 $— $— $47 0.15 %
Commercial mortgage:
Other business lines (c)2 — 2 — 4 0.05 
Total commercial mortgage2 — 2 — 4 0.03 
International— — — 1 1 0.10 
Total business loans27 22 2 1 52 0.10 
Total loans$27 $22 $2 $1 $52 0.09 %
Six Months Ended June 30, 2024
Business loans:
Commercial$149 $— $7 $10 $166 0.61 %
Commercial mortgage:
Other business lines (c)15 — — — 15 0.16 
Total commercial mortgage15 — — — 15 0.10 
International9 — — — 9 0.84 
Total business loans173 — 7 10 190 0.40 
Retail loans:
Consumer:
Home equity— — 2 1 3 0.19 
Total consumer— — 2 1 3 0.15 
Total retail loans— — 2 1 3 0.08 
Total loans$173 $— $9 $11 $193 0.37 %
Six Months Ended June 30, 2023
Business loans:
Commercial$30 $22 $— $1 $53 0.17 %
Commercial mortgage:
Commercial Real Estate business line (d)1 — — — 1 0.02 
Other business lines (c)4 — 2 5 11 0.11 
Total commercial mortgage5 — 2 5 12 0.08 
International— — — 1 1 0.10 
Total business loans35 22 2 7 66 0.13 
Total loans$35 $22 $2 $7 $66 0.12 %
(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.
(b)Relates to FDMs where more than one type of modification was made. For the three- and six-month periods ended June 30, 2024 and 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.
(d)Primarily loans to real estate developers.
Loan Modifications Made to Specific Loans
The following table summarizes the financial impacts of loan modifications made during the three- and six-month periods ended June 30, 2024 and 2023.
Weighted-Average Term Extension
(in months)		Weighted-Average Interest Rate Reduction
Three Months Ended June 30, 2024
Business loans:
Commercial13.2 (1.03)%
Commercial mortgage:
Other business lines (a)
7.2 — 
Total commercial mortgage7.2 — 
International7.9 — 
Total business loans12.3 (1.03)
Retail loans:
Consumer:
Home equity— (4.17)
Total consumer— (4.17)
Total retail loans— (4.17)
Total loans12.3 (1.31)%
Three Months Ended June 30, 2023
Business loans:
Commercial6.6 — %
Commercial mortgage:
Other business lines (a)
60.1 (1.92)
Total commercial mortgage60.1 (1.92)
Total business loans11.5 (1.92)
Total loans11.5 (1.92)%
Six Months Ended June 30, 2024
Business loans:
Commercial12.3 (1.06)%
Commercial mortgage:
Other business lines (a)9.0 — 
Total commercial mortgage9.0 — 
International8.6 — 
Total business loans11.9 (1.06)
Retail loans:
Consumer:
Home equity118.3 (3.54)
Total consumer118.3 (3.54)
Total retail loans118.3 (3.54)
Total loans12.7 (1.34)%
Six Months Ended June 30, 2023
Business loans:
Commercial9.2 (0.44)%
Commercial mortgage:
Commercial Real Estate business line (b)6.0 — 
Other business lines (a)31.9 (0.71)
Total commercial mortgage29.5 (0.71)
Total business loans13.8 (0.67)
Total loans13.8 (0.67)%
(a)Primarily loans secured by owner-occupied real estate.
(b)Primarily loans to real estate developers.