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Outstanding Loans and Leases and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Schedule of Loans and Leases Outstanding
The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at December 31, 2023 and 2022.
30-59 Days
 Past Due (1)
60-89 Days
 Past Due (1)
90 Days or
More
Past Due (1)
Total Past
Due 30 Days
or More
Total
 Current or
 Less Than
 30 Days
 Past Due (1)
Loans
 Accounted
 for Under
 the Fair
 Value
 Option		Total
Outstandings
(Dollars in millions)December 31, 2023
Consumer real estate      
Residential mortgage$1,177 $302 $829 $2,308 $226,095 $228,403 
Home equity90 38 161 289 25,238 25,527 
Credit card and other consumer
Credit card680 515 1,224 2,419 99,781 102,200 
Direct/Indirect consumer (2)
306 99 91 496 102,972 103,468 
Other consumer— — — — 124 124 
Total consumer2,253 954 2,305 5,512 454,210 459,722 
Consumer loans accounted for under the fair value option (3)
$243 243 
Total consumer loans and leases2,253 954 2,305 5,512 454,210 243 459,965 
Commercial
U.S. commercial477 96 225 798 358,133 358,931 
Non-U.S. commercial86 21 64 171 124,410 124,581 
Commercial real estate (4)
247 133 505 885 71,993 72,878 
Commercial lease financing44 8 24 76 14,778 14,854 
U.S. small business commercial (5)
166 89 184 439 18,758 19,197 
Total commercial1,020 347 1,002 2,369 588,072 590,441 
Commercial loans accounted for under the fair value option (3)
3,326 3,326 
Total commercial loans and leases1,020 347 1,002 2,369 588,072 3,326 593,767 
Total loans and leases (6)
$3,273 $1,301 $3,307 $7,881 $1,042,282 $3,569 $1,053,732 
Percentage of outstandings 0.31 %0.12 %0.32 %0.75 %98.91 %0.34 %100.00 %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $198 million and nonperforming loans of $150 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $77 million and nonperforming loans of $102 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $252 million and nonperforming loans of $738 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $39 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $53.9 billion, U.S. securities-based lending loans of $46.0 billion and non-U.S. consumer loans of $2.8 billion.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $66 million and home equity loans of $177 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $1.2 billion. For more information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option.
(4)Total outstandings includes U.S. commercial real estate loans of $66.8 billion and non-U.S. commercial real estate loans of $6.1 billion.
(5)Includes Paycheck Protection Program loans.
(6)Total outstandings includes loans and leases pledged as collateral of $33.7 billion. The Corporation also pledged $246.0 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
30-59 Days
Past Due (1)
60-89 Days
 Past Due (1)
90 Days or
More
Past Due (1)
Total Past
Due 30 Days
or More
Total
Current or
Less Than
30 Days
Past Due (1)
Loans
Accounted
for Under
the Fair
Value Option		Total Outstandings
(Dollars in millions)December 31, 2022
Consumer real estate      
Residential mortgage$1,077 $245 $945 $2,267 $227,403 $229,670 
Home equity88 32 211 331 26,232 26,563 
Credit card and other consumer     
Credit card466 322 717 1,505 91,916  93,421 
Direct/Indirect consumer (2)
204 59 45 308 105,928  106,236 
Other consumer — — — — 156  156 
Total consumer1,835 658 1,918 4,411 451,635 456,046 
Consumer loans accounted for under the fair value option (3)
$339 339 
Total consumer loans and leases1,835 658 1,918 4,411 451,635 339 456,385 
Commercial       
U.S. commercial827 288 330 1,445 357,036  358,481 
Non-U.S. commercial317 59 144 520 123,959  124,479 
Commercial real estate (4)
409 81 77 567 69,199  69,766 
Commercial lease financing49 9 11 69 13,575  13,644 
U.S. small business commercial (5)
107 63 356 526 17,034  17,560 
Total commercial1,709 500 918 3,127 580,803  583,930 
Commercial loans accounted for under the fair value option (3)
5,432 5,432 
Total commercial loans and leases
1,709 500 918 3,127 580,803 5,432 589,362 
Total loans and leases (6)
$3,544 $1,158 $2,836 $7,538 $1,032,438 $5,771 $1,045,747 
Percentage of outstandings 0.34 %0.11 %0.27 %0.72 %98.73 %0.55 %100.00 %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $184 million and nonperforming loans of $155 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $75 million and nonperforming loans of $88 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $368 million and nonperforming loans of $788 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $27 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $51.8 billion, U.S. securities-based lending loans of $50.4 billion and non-U.S. consumer loans of $3.0 billion.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $71 million and home equity loans of $268 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $2.5 billion. For more information, see Note 20 – Fair Value Measurements and Note 21 – Fair Value Option.
(4)Total outstandings includes U.S. commercial real estate loans of $64.9 billion and non-U.S. commercial real estate loans of $4.8 billion.
(5)Includes Paycheck Protection Program loans.
(6)Total outstandings includes loans and leases pledged as collateral of $18.5 billion. The Corporation also pledged $163.6 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
Schedule of Financing Receivables, Non Accrual Status
The following table presents the Corporation’s nonperforming loans and leases and loans accruing past due 90 days or more at December 31, 2023 and 2022. Nonperforming LHFS are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles.
Credit Quality
Nonperforming Loans
and Leases		Accruing Past Due
90 Days or More
December 31
(Dollars in millions)2023202220232022
Residential mortgage (1)
$2,114 $2,167 $252 $368 
With no related allowance (2)
1,974 1,973 — — 
Home equity (1)
450 510 — — 
With no related allowance (2)
375 393 — — 
Credit Card                     n/a                    n/a1,224 717 
Direct/indirect consumer148 77 2 2 
Total consumer2,712 2,754 1,478 1,087 
U.S. commercial636 553 51 190 
Non-U.S. commercial175 212 4 25 
Commercial real estate1,927 271 32 46 
Commercial lease financing19 4 7 8 
U.S. small business commercial16 14 184 355 
Total commercial2,773 1,054 278 624 
Total nonperforming loans$5,485 $3,808 $1,756 $1,711 
Percentage of outstanding loans and leases
0.52 %0.37 %0.17 %0.16 %
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At December 31, 2023 and 2022 residential mortgage included $156 million and $260 million of loans on which interest had been curtailed by the FHA, and therefore were no longer accruing interest, although principal was still insured, and $96 million and $108 million of loans on which interest was still accruing.
(2)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date.
n/a = not applicable
Financing Receivable Credit Quality Indicators
The following tables present certain credit quality indicators and gross charge-offs for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2023.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions)Total as of
December 31,
 2023		20232022202120202019Prior
Residential Mortgage
Refreshed LTV
   
Less than or equal to 90 percent$214,661 $15,224 $38,225 $76,229 $35,072 $17,432 $32,479 
Greater than 90 percent but less than or equal to 100 percent
1,994 698 911 286 53 25 21 
Greater than 100 percent
785 264 342 100 31 14 34 
Fully-insured loans
10,963 540 350 3,415 2,834 847 2,977 
Total Residential Mortgage$228,403 $16,726 $39,828 $80,030 $37,990 $18,318 $35,511 
Residential Mortgage
Refreshed FICO score
Less than 620$2,335 $115 $471 $589 $402 $136 $622 
Greater than or equal to 620 and less than 680
4,671 359 919 1,235 777 296 1,085 
Greater than or equal to 680 and less than 740
23,357 1,934 4,652 6,988 3,742 1,836 4,205 
Greater than or equal to 740
187,077 13,778 33,436 67,803 30,235 15,203 26,622 
Fully-insured loans
10,963 540 350 3,415 2,834 847 2,977 
Total Residential Mortgage$228,403 $16,726 $39,828 $80,030 $37,990 $18,318 $35,511 
Gross charge-offs for the year ended December 31, 2023$67 $— $7 $12 $6 $2 $40 
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving LoansRevolving Loans Converted to Term Loans
(Dollars in millions)December 31, 2023
Home Equity
Refreshed LTV
   
Less than or equal to 90 percent$25,378 $1,051 $20,380 $3,947 
Greater than 90 percent but less than or equal to 100 percent
61 17 35 9 
Greater than 100 percent
88 35 36 17 
Total Home Equity$25,527 $1,103 $20,451 $3,973 
Home Equity
Refreshed FICO score
Less than 620$654 $123 $253 $278 
Greater than or equal to 620 and less than 680
1,107 118 589 400 
Greater than or equal to 680 and less than 740
4,340 240 3,156 944 
Greater than or equal to 740
19,426 622 16,453 2,351 
Total Home Equity$25,527 $1,103 $20,451 $3,973 
Gross charge-offs for the year ended December 31, 2023$36 $4 $21 $11 
(1)Includes reverse mortgages of $763 million and home equity loans of $340 million, which are no longer originated.
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
Direct/Indirect
Term Loans by Origination YearCredit Card
(Dollars in millions)Total Direct/
Indirect as of December 31,
2023		Revolving Loans20232022202120202019PriorTotal Credit Card as of December 31,
2023		Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score  
Less than 620$1,246 $11 $292 $428 $336 $85 $55 $39 $5,338 $5,030 $308 
Greater than or equal to 620 and less than 6802,506 11 937 799 501 121 73 64 11,623 11,345 278 
Greater than or equal to 680 and less than 740
8,629 48 3,451 2,582 1,641 462 244 201 34,777 34,538 239 
Greater than or equal to 74041,656 74 16,761 11,802 7,643 2,707 1,417 1,252 50,462 50,410 52 
Other internal credit
   metrics (2,3)
49,431 48,764 106 183 110 53 57 158 — — — 
Total credit card and other
   consumer		$103,468 $48,908 $21,547 $15,794 $10,231 $3,428 $1,846 $1,714 $102,200 $101,323 $877 
Gross charge-offs for the year
   ended December 31, 2023		$233 $5 $32 $95 $53 $15 $10 $23 $3,133 $3,013 $120 
(1)Represents loans that were modified into term loans.
(2)Other internal credit metrics may include delinquency status, geography or other factors.
(3)Direct/indirect consumer includes $48.8 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2023.
Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions)Total as of
December 31,
2023		20232022202120202019PriorRevolving Loans
U.S. Commercial
Risk ratings    
Pass rated$347,563 $41,842 $43,290 $27,738 $13,495 $11,772 $29,923 $179,503 
Reservable criticized11,368 278 1,316 708 363 537 1,342 6,824 
Total U.S. Commercial
$358,931 $42,120 $44,606 $28,446 $13,858 $12,309 $31,265 $186,327 
Gross charge-offs for the year ended
   December 31, 2023		$191 $5 $38 $29 $4 $2 $27 $86 
Non-U.S. Commercial
Risk ratings
Pass rated$122,931 $17,053 $15,810 $15,256 $2,405 $2,950 $5,485 $63,972 
Reservable criticized1,650 50 184 294 90 158 74 800 
Total Non-U.S. Commercial
$124,581 $17,103 $15,994 $15,550 $2,495 $3,108 $5,559 $64,772 
Gross charge-offs for the year ended
   December 31, 2023		$37 $— $— $8 $7 $1 $— $21 
Commercial Real Estate
Risk ratings
Pass rated$64,150 $4,877 $16,147 $11,810 $4,026 $7,286 $10,127 $9,877 
Reservable criticized8,728 134 749 1,728 782 2,132 2,794 409 
Total Commercial Real Estate
$72,878 $5,011 $16,896 $13,538 $4,808 $9,418 $12,921 $10,286 
Gross charge-offs for the year ended
   December 31, 2023		$254 $2 $— $4 $— $59 $189 $— 
Commercial Lease Financing
Risk ratings
Pass rated$14,688 $4,188 $3,077 $2,373 $1,349 $1,174 $2,527 $— 
Reservable criticized166 9 22 46 16 32 41 — 
Total Commercial Lease Financing
$14,854 $4,197 $3,099 $2,419 $1,365 $1,206 $2,568 $— 
Gross charge-offs for the year ended
   December 31, 2023		$2 $— $— $1 $1 $— $— $— 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated$9,031 $1,886 $1,830 $1,550 $836 $721 $1,780 $428 
Reservable criticized384 6 64 95 40 63 113 3 
Total U.S. Small Business Commercial
$9,415 $1,892 $1,894 $1,645 $876 $784 $1,893 $431 
Gross charge-offs for the year ended
   December 31, 2023		$43 $1 $2 $2 $19 $3 $4 $12 
Total$580,659 $70,323 $82,489 $61,598 $23,402 $26,825 $54,206 $261,816 
Gross charge-offs for the year ended
   December 31, 2023		$527 $8 $40 $44 $31 $65 $220 $119 
(1)Excludes $3.3 billion of loans accounted for under the fair value option at December 31, 2023.
(2)Excludes U.S. Small Business Card loans of $9.8 billion. Refreshed FICO scores for this portfolio are $530 million for less than 620; $1.1 billion for greater than or equal to 620 and less than 680; $2.7 billion for greater than or equal to 680 and less than 740; and $5.5 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $317 million.
The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by year of origination, except for revolving loans and revolving loans that were modified into term loans, which are shown on an aggregate basis at December 31, 2022.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions)Total as of
 December 31,
 2022		20222021202020192018Prior
Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent$215,713 $39,625 $81,437 $37,228 $18,980 $5,734 $32,709 
Greater than 90 percent but less than or equal to 100 percent
1,615 950 530 93 15 8 19 
Greater than 100 percent
648 374 169 43 15 8 39 
Fully-insured loans
11,694 580 3,667 3,102 949 156 3,240 
Total Residential Mortgage$229,670 $41,529 $85,803 $40,466 $19,959 $5,906 $36,007 
Residential Mortgage
Refreshed FICO score
Less than 620$2,156 $377 $518 $373 $124 $84 $680 
Greater than or equal to 620 and less than 680
4,978 1,011 1,382 840 329 233 1,183 
Greater than or equal to 680 and less than 740
25,444 5,411 8,290 4,369 2,187 830 4,357 
Greater than or equal to 740185,398 34,150 71,946 31,782 16,370 4,603 26,547 
Fully-insured loans
11,694 580 3,667 3,102 949 156 3,240 
Total Residential Mortgage$229,670 $41,529 $85,803 $40,466 $19,959 $5,906 $36,007 
Gross charge-offs for the year ended December 31, 2022$161 $— $6 $5 $6 $1 $143 
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving LoansRevolving Loans Converted to Term Loans
(Dollars in millions)December 31, 2022
Home Equity
Refreshed LTV
Less than or equal to 90 percent$26,395 $1,304 $19,960 $5,131 
Greater than 90 percent but less than or equal to 100 percent
62 20 24 18 
Greater than 100 percent
106 37 35 34 
Total Home Equity$26,563 $1,361 $20,019 $5,183 
Home Equity
Refreshed FICO score
Less than 620$683 $166 $189 $328 
Greater than or equal to 620 and less than 680
1,190 152 507 531 
Greater than or equal to 680 and less than 740
4,321 312 2,747 1,262 
Greater than or equal to 740
20,369 731 16,576 3,062 
Total Home Equity$26,563 $1,361 $20,019 $5,183 
Gross charge-offs for the year ended December 31, 2022$45 $5 $24 $16 
(1)Includes reverse mortgages of $937 million and home equity loans of $424 million, which are no longer originated.
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
Direct/Indirect
Term Loans by Origination YearCredit Card
(Dollars in millions)Total Direct/Indirect as of December 31, 2022Revolving Loans20222021202020192018PriorTotal Credit Card as of December 31, 2022Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score
Less than 620$847 $12 $237 $301 $113 $84 $43 $57 $4,056 $3,866 $190 
Greater than or equal to 620 and less than 680
2,521 12 1,108 816 269 150 69 97 10,994 10,805 189 
Greater than or equal to 680 and less than 740
8,895 52 4,091 2,730 992 520 214 296 32,186 32,017 169 
Greater than or equal to 74039,679 83 16,663 11,392 5,630 2,992 1,236 1,683 46,185 46,142 43 
Other internal credit
   metrics (2, 3)
54,294 53,404 259 305 70 57 40 159 — — — 
Total credit card and other
   consumer		$106,236 $53,563 $22,358 $15,544 $7,074 $3,803 $1,602 $2,292 $93,421 $92,830 $591 
Gross charge-offs for the year
   ended December 31, 2022		$232 $7 $31 $79 $34 $27 $14 $40 $1,985 $1,909 $76 
(1)Represents TDRs that were modified into term loans.
(2)Other internal credit metrics may include delinquency status, geography or other factors.
(3)Direct/indirect consumer includes $53.4 billion of securities-based lending, which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2022.
Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions)Total as of December 31, 202220222021202020192018PriorRevolving Loans
U.S. Commercial
Risk ratings    
Pass rated$348,447 $61,200 $39,717 $18,609 $16,566 $8,749 $30,282 $173,324 
Reservable criticized10,034 278 794 697 884 1,202 856 5,323 
Total U.S. Commercial
$358,481 $61,478 $40,511 $19,306 $17,450 $9,951 $31,138 $178,647 
Gross charge-offs for the year ended
   December 31, 2022		$151 $2 $24 $24 $9 $6 $13 $73 
Non-U.S. Commercial
Risk ratings
Pass rated$121,890 $24,839 $19,098 $5,183 $3,882 $2,423 $4,697 $61,768 
Reservable criticized2,589 45 395 331 325 98 475 920 
Total Non-U.S. Commercial
$124,479 $24,884 $19,493 $5,514 $4,207 $2,521 $5,172 $62,688 
Gross charge-offs for the year ended
   December 31, 2022		$41 $— $3 $1 $— $37 $— $— 
Commercial Real Estate
Risk ratings
Pass rated$64,619 $15,290 $13,089 $5,756 $9,013 $4,384 $8,606 $8,481 
Reservable criticized5,147 11 837 545 1,501 1,151 1,017 85 
Total Commercial Real Estate
$69,766 $15,301 $13,926 $6,301 $10,514 $5,535 $9,623 $8,566 
Gross charge-offs for the year ended
   December 31, 2022		$75 $— $— $6 $— $26 $43 $— 
Commercial Lease Financing
Risk ratings
Pass rated$13,404 $3,255 $2,757 $1,955 $1,578 $1,301 $2,558 $— 
Reservable criticized240 9 35 12 71 50 63 — 
Total Commercial Lease Financing
$13,644 $3,264 $2,792 $1,967 $1,649 $1,351 $2,621 $— 
Gross charge-offs for the year ended
   December 31, 2022		$8 $— $4 $— $4 $— $— $— 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated$8,726 $1,825 $1,953 $1,408 $864 $624 $1,925 $127 
Reservable criticized329 11 35 48 76 51 105 3 
Total U.S. Small Business Commercial
$9,055 $1,836 $1,988 $1,456 $940 $675 $2,030 $130 
Gross charge-offs for the year ended
   December 31, 2022		$31 $— $1 $11 $4 $1 $6 $8 
 Total $575,425 $106,763 $78,710 $34,544 $34,760 $20,033 $50,584 $250,031 
Gross charge-offs for the year ended
   December 31, 2022		$306 $2 $32 $42 $17 $70 $62 $81 
(1) Excludes $5.4 billion of loans accounted for under the fair value option at December 31, 2022.
(2) Excludes U.S. Small Business Card loans of $8.5 billion. Refreshed FICO scores for this portfolio are $297 million for less than 620; $859 million for greater than or equal to 620 and less than 680; $2.4 billion for greater than or equal to 680 and less than 740; and $5.0 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $172 million.
Troubled Debt Restructurings on Financing Receivables The following table provides aging information as of December 31, 2023 for consumer real estate loans modified since January 1, 2023.
Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty (1)
Current30–89 Days
Past Due		90+ Days
Past Due		Total
(Dollars in millions)December 31, 2023
Residential mortgage$334 $101 $148 $583
Home equity58 5 25 88
Total$392 $106 $173 $671
(1)Excludes trial modifications and Chapter 7 discharges
The table below provides the ending amortized cost of commercial loans modified during 2023.
Commercial Loans - Modifications to Borrowers in Financial Difficulty
Term ExtensionForbearancesInterest Rate ReductionTotal
(Dollars in Millions)Year ended December 31, 2023
U.S. commercial$1,016$30$—$1,046
Non-U.S. commercial136—24$160
Commercial real estate1,656416—$2,072
Total$2,808$446$24$3,278
The following table provides aging information as of December 31, 2023 for commercial loans modified in 2023.
Commercial - Payment Status of Modified Loans to Borrowers in Financial Difficulty
Current30–89 Days
Past Due		90+ Days
Past Due		Total% of Total Class of Financing Receivable
(Dollars in millions)December 31, 2023
U.S. Commercial$1,015 $3 $28 $1,0460.29 %
Non-U.S. Commercial157 3 — 1600.13 
Commercial Real Estate1,608 122 342 2,0722.84 
Total$2,780 $128 $370 $3,2780.59 
The table below presents the December 31, 2022 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during 2022 and 2021. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Binding trial modifications are classified as TDRs when the trial offer is made and continue to be classified as TDRs regardless of whether the borrower enters into a permanent modification.
At December 31, 2022, remaining commitments to lend additional funds to debtors whose terms have been modified in a consumer real estate TDR were not significant.
Consumer Real Estate – TDRs Entered into During 2022 and 2021
Unpaid Principal BalanceCarrying
Value		Pre-Modification Interest Rate
Post-Modification Interest Rate (1)
(Dollars in millions)December 31, 2022
Residential mortgage$1,144 $1,015 3.52 %3.40 %
Home equity238 191 4.61 4.65 
Total $1,382 $1,206 3.71 3.62 
December 31, 2021
Residential mortgage$891 $788 3.48 %3.38 %
Home equity107 77 3.60 3.59 
Total $998 $865 3.49 3.41 
(1) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.
The table below presents the December 31, 2022 and 2021 carrying value for consumer real estate loans that were modified in a TDR during 2022 and 2021, by type of modification.
Consumer Real Estate – Modification Programs
TDRs Entered into During
(Dollars in millions)20222021
Modifications under government programs $2 $4 
Modifications under proprietary programs 1,100 774 
Loans discharged in Chapter 7 bankruptcy (1)
14 33 
Trial modifications90 54 
Total modifications$1,206 $865 
(1) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
The table below presents the carrying value of consumer real estate loans that entered into payment default during 2022 and 2021 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.
Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months
(Dollars in millions)20222021
Modifications under government programs$— $4 
Modifications under proprietary programs189 128 
Loans discharged in Chapter 7 bankruptcy (1)
2 9 
Trial modifications (2)
25 19 
Total modifications$216 $160 
(1)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.
(2)Includes trial modification offers to which the customer did not respond.
The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including December 31, 2022 and 2021 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during 2022 and 2021.
Credit Card and Other Consumer – TDRs Entered into During 2022 and 2021
 Unpaid Principal Balance
Carrying
Value (1)
Pre-Modification Interest RatePost-Modification Interest Rate
(Dollars in millions)December 31, 2022
Credit card$284 $293 22.34 %3.89 %
Direct/Indirect consumer6 5 5.51 5.50 
Total $290 $298 22.06 3.92 
December 31, 2021
Credit card$237 $248 18.45 %4.09 %
Direct/Indirect consumer23 16 5.88 5.88 
Total $260 $264 17.68 4.20 
(1) Includes accrued interest and fees.
The table below presents the December 31, 2022 and 2021 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during 2022 and 2021 by program type.
Credit Card and Other Consumer – TDRs by Program Type (1)
(Dollars in millions)20222021
Internal programs$251 $214 
External programs
44 44 
Other
3 6 
Total$298 $264 
(1) Includes accrued interest and fees.
Changes in the Allowance for Credit Losses
The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the following table.
Consumer
Real Estate		Credit Card and
 Other Consumer		CommercialTotal
(Dollars in millions)2023
Allowance for loan and lease losses, December 31$420 $6,817 $5,445 $12,682 
January 1, 2023 adoption of credit loss standard(67)(109)(67)(243)
Allowance for loan and lease losses, January 1$353 $6,708 $5,378 $12,439 
Loans and leases charged off(103)(3,870)(844)(4,817)
Recoveries of loans and leases previously charged off146 737 135 1,018 
Net charge-offs43 (3,133)(709)(3,799)
Provision for loan and lease losses(19)4,558 186 4,725 
Other9 1 (33)(23)
Allowance for loan and lease losses, December 31
386 8,134 4,822 13,342 
Reserve for unfunded lending commitments, January 194 — 1,446 1,540 
Provision for unfunded lending commitments(12)— (319)(331)
Reserve for unfunded lending commitments, December 31
82 — 1,127 1,209 
Allowance for credit losses, December 31
$468 $8,134 $5,949 $14,551 
2022
Allowance for loan and lease losses, January 1$557 $6,476 $5,354 $12,387 
Loans and leases charged off(206)(2,755)(478)(3,439)
Recoveries of loans and leases previously charged off224 882 161 1,267 
Net charge-offs18 (1,873)(317)(2,172)
Provision for loan and lease losses(164)2,215 409 2,460 
Other9 (1)(1)7 
Allowance for loan and lease losses, December 31
420 6,817 5,445 12,682 
Reserve for unfunded lending commitments, January 196 — 1,360 1,456 
Provision for unfunded lending commitments(3)— 86 83 
Other1 — — 1 
Reserve for unfunded lending commitments, December 31
94 — 1,446 1,540 
Allowance for credit losses, December 31
$514 $6,817 $6,891 $14,222 
2021
Allowance for loan and lease losses, January 1$858 $9,213 $8,731 $18,802 
Loans and leases charged off(78)(3,000)(719)(3,797)
Recoveries of loans and leases previously charged off225 1,006 323 1,554 
Net charge-offs 147 (1,994)(396)(2,243)
Provision for loan and lease losses (449)(744)(2,980)(4,173)
Other1 1 (1)1 
Allowance for loan and lease losses, December 31557 6,476 5,354 12,387 
Reserve for unfunded lending commitments, January 1137 — 1,741 1,878 
Provision for unfunded lending commitments(41)— (380)(421)
Other— — (1)(1)
Reserve for unfunded lending commitments, December 3196 — 1,360 1,456 
Allowance for credit losses, December 31$653 $6,476 $6,714 $13,843