Quarterly report pursuant to Section 13 or 15(d)

Outstanding Loans and Leases and Allowance for Credit Losses (Tables)

v3.24.1.u1
Outstanding Loans and Leases and Allowance for Credit Losses (Tables)
3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023.
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) March 31, 2024
Consumer real estate            
Residential mortgage $ 1,049  $ 261  $ 761  $ 2,071  $ 225,364  $ 227,435 
Home equity 85  35  145  265  24,920  25,185 
Credit card and other consumer
Credit card 661  486  1,299  2,446  96,007  98,453 
Direct/Indirect consumer (2)
297  91  82  470  102,379  102,849 
Other consumer         115  115 
Total consumer 2,092  873  2,287  5,252  448,785  454,037 
Consumer loans accounted for under the fair value option (3)
$ 235  235 
Total consumer loans and leases 2,092  873  2,287  5,252  448,785  235  454,272 
Commercial
U.S. commercial 553  80  248  881  361,863  362,744 
Non-U.S. commercial 29  1  55  85  122,988  123,073 
Commercial real estate (4)
403  319  684  1,406  70,246  71,652 
Commercial lease financing 50  39  27  116  14,665  14,781 
U.S. small business commercial 165  83  201  449  19,482  19,931 
Total commercial 1,200  522  1,215  2,937  589,244  592,181 
Commercial loans accounted for under the fair value option (3)
2,703  2,703 
Total commercial loans and leases 1,200  522  1,215  2,937  589,244  2,703  594,884 
Total loans and leases (5)
$ 3,292  $ 1,395  $ 3,502  $ 8,189  $ 1,038,029  $ 2,938  $ 1,049,156 
Percentage of outstandings 0.32  % 0.13  % 0.33  % 0.78  % 98.94  % 0.28  % 100.00  %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $175 million and nonperforming loans of $167 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $72 million and nonperforming loans of $103 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $230 million and nonperforming loans of $676 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $46 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $54.1 billion, U.S. securities-based lending loans of $45.3 billion and non-U.S. consumer loans of $2.7 billion.
(3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $62 million and home equity loans of $173 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $1.7 billion and non-U.S. commercial loans of $965 million. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option.
(4)Total outstandings includes U.S. commercial real estate loans of $65.5 billion and non-U.S. commercial real estate loans of $6.2 billion.
(5)Total outstandings includes loans and leases pledged as collateral of $32.8 billion. The Corporation also pledged $226.5 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, 2023
Consumer real estate            
Residential mortgage $ 1,177  $ 302  $ 829  $ 2,308  $ 226,095  $ 228,403 
Home equity 90  38  161  289  25,238  25,527 
Credit card and other consumer          
Credit card 680  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 consumer 2,253  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 leases 2,253  954  2,305  5,512  454,210  243  459,965 
Commercial              
U.S. commercial 477  96  225  798  358,133    358,931 
Non-U.S. commercial 86  21  64  171  124,410    124,581 
Commercial real estate (4)
247  133  505  885  71,993    72,878 
Commercial lease financing 44  24  76  14,778    14,854 
U.S. small business commercial 166  89  184  439  18,758    19,197 
Total commercial 1,020  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 leases
1,020  347  1,002  2,369  588,072  3,326  593,767 
Total loans and leases (5)
$ 3,273  $ 1,301  $ 3,307  $ 7,881  $ 1,042,282  $ 3,569  $ 1,053,732 
Percentage of outstandings 0.31  % 0.12  % 0.31  % 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 14 – Fair Value Measurements and Note 15 – 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)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.
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 March 31, 2024 and December 31, 2023. Nonperforming loans held-for-sale (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 to the Consolidated Financial Statements of the Corporation’s 2023 Annual Report on Form 10-K.
Credit Quality
Nonperforming Loans
and Leases
Accruing Past Due
90 Days or More
(Dollars in millions) March 31 2024 December 31 2023 March 31 2024 December 31 2023
Residential mortgage (1)
$ 2,112  $ 2,114  $ 230  $ 252 
With no related allowance (2)
2,052  1,974    — 
Home equity (1)
438  450    — 
With no related allowance (2)
404  375    — 
Credit Card             n/a             n/a 1,299  1,224 
Direct/indirect consumer 147  148  2 
Total consumer 2,697  2,712  1,531  1,478 
U.S. commercial 720  636  106  51 
Non-U.S. commercial 157  175  11 
Commercial real estate 2,273  1,927  12  32 
Commercial lease financing 16  19  13 
U.S. small business commercial 20  16  199  184 
Total commercial 3,186  2,773  341  278 
Total nonperforming loans $ 5,883  $ 5,485  $ 1,872  $ 1,756 
Percentage of outstanding loans and leases
0.56  % 0.52  % 0.18  % 0.17  %
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2024 and December 31, 2023 residential mortgage included $140 million and $156 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $90 million and $96 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 March 31, 2024.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions) Total as of
March 31,
 2024
2024 2023 2022 2021 2020 Prior
Residential Mortgage
Refreshed LTV
     
Less than or equal to 90 percent $ 213,881  $ 3,226  $ 14,662  $ 37,802  $ 75,271  $ 34,487  $ 48,433 
Greater than 90 percent but less than or equal to 100 percent
2,089  145  657  913  271  51  52 
Greater than 100 percent
821  88  261  310  88  28  46 
Fully-insured loans
10,644  62  411  331  3,354  2,771  3,715 
Total Residential Mortgage $ 227,435  $ 3,521  $ 15,991  $ 39,356  $ 78,984  $ 37,337  $ 52,246 
Residential Mortgage
Refreshed FICO score
Less than 620 $ 2,437  $ 32  $ 132  $ 480  $ 611  $ 422  $ 760 
Greater than or equal to 620 and less than 680
4,619  46  375  911  1,227  725  1,335 
Greater than or equal to 680 and less than 740
22,432  314  1,857  4,272  6,605  3,645  5,739 
Greater than or equal to 740
187,303  3,067  13,216  33,362  67,187  29,774  40,697 
Fully-insured loans
10,644  62  411  331  3,354  2,771  3,715 
Total Residential Mortgage $ 227,435  $ 3,521  $ 15,991  $ 39,356  $ 78,984  $ 37,337  $ 52,246 
Gross charge-offs for the three months ended March 31, 2024 $ 8  $ —  $ $ $ $ —  $
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving Loans Revolving Loans Converted to Term Loans
(Dollars in millions) March 31, 2024
Home Equity
Refreshed LTV
     
Less than or equal to 90 percent $ 25,045  $ 1,021  $ 20,252  $ 3,772 
Greater than 90 percent but less than or equal to 100 percent
62  14  40  8 
Greater than 100 percent
78  32  32  14 
Total Home Equity $ 25,185  $ 1,067  $ 20,324  $ 3,794 
Home Equity
Refreshed FICO score
Less than 620 $ 681  $ 121  $ 279  $ 281 
Greater than or equal to 620 and less than 680
1,085  115  593  377 
Greater than or equal to 680 and less than 740
4,258  228  3,142  888 
Greater than or equal to 740
19,161  603  16,310  2,248 
Total Home Equity $ 25,185  $ 1,067  $ 20,324  $ 3,794 
Gross charge-offs for the three months ended March 31, 2024 $ 3  $   $ 1  $ 2 
(1)Includes reverse mortgages of $740 million and home equity loans of $327 million, which are no longer originated.
Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage
Direct/Indirect
Term Loans by Origination Year Credit Card
(Dollars in millions) Total Direct/
Indirect as of March 31,
2024
Revolving Loans 2024 2023 2022 2021 2020 Prior Total Credit Card as of March 31,
2024
Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score    
Less than 620 $ 1,339  $ 11  $ 35  $ 371  $ 452  $ 318  $ 76  $ 76  $ 5,549  $ 5,199  $ 350 
Greater than or equal to 620 and less than 680 2,441  11  168  894  715  436  106  111  11,304  11,006  298 
Greater than or equal to 680 and less than 740
8,284  44  790  3,057  2,281  1,378  386  348  33,522  33,264  258 
Greater than or equal to 740 42,130  68  5,144  15,089  10,772  6,601  2,306  2,150  48,078  48,022  56 
Other internal credit
   metrics (2,3)
48,655  48,035  51  62  174  70  44  219    —  — 
Total credit card and other
   consumer
$ 102,849  $ 48,169  $ 6,188  $ 19,473  $ 14,394  $ 8,803  $ 2,918  $ 2,904  $ 98,453  $ 97,491  $ 962 
Gross charge-offs for the three
   months ended March 31, 2024
$ 102  $ $ $ 35  $ 33  $ 18  $ $ 10  $ 1,045  $ 1,002  $ 43 
(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 $48.0 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 March 31, 2024.
Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions) Total as of
March 31,
2024
2024 2023 2022 2021 2020 Prior Revolving Loans
U.S. Commercial
Risk ratings        
Pass rated $ 350,445  $ 10,141  $ 39,257  $ 40,246  $ 25,040  $ 12,993  $ 41,671  $ 181,097 
Reservable criticized 12,299  528  1,315  826  403  1,602  7,617 
Total U.S. Commercial
$ 362,744  $ 10,149  $ 39,785  $ 41,561  $ 25,866  $ 13,396  $ 43,273  $ 188,714 
Gross charge-offs for the three months ended
   March 31, 2024
$ 78  $ —  $ $ 19  $ $ $ $ 45 
Non-U.S. Commercial
Risk ratings
Pass rated $ 121,292  $ 4,081  $ 15,918  $ 14,034  $ 13,960  $ 2,228  $ 8,105  $ 62,966 
Reservable criticized 1,781  —  84  149  205  74  235  1,034 
Total Non-U.S. Commercial
$ 123,073  $ 4,081  $ 16,002  $ 14,183  $ 14,165  $ 2,302  $ 8,340  $ 64,000 
Gross charge-offs for the three months ended
   March 31, 2024
$ 1  $ —  $ —  $ —  $ —  $ —  $ —  $
Commercial Real Estate
Risk ratings
Pass rated $ 62,850  $ 1,376  $ 4,836  $ 14,821  $ 11,404  $ 3,614  $ 16,355  $ 10,444 
Reservable criticized 8,802  —  164  1,006  1,774  764  4,697  397 
Total Commercial Real Estate
$ 71,652  $ 1,376  $ 5,000  $ 15,827  $ 13,178  $ 4,378  $ 21,052  $ 10,841 
Gross charge-offs for the three months ended
   March 31, 2024
$ 304  $ —  $ —  $ —  $ —  $ 47  $ 237  $ 20 
Commercial Lease Financing
Risk ratings
Pass rated $ 14,603  $ 859  $ 4,145  $ 2,796  $ 2,225  $ 1,318  $ 3,260  $ — 
Reservable criticized 178  —  10  40  26  18  84  — 
Total Commercial Lease Financing
$ 14,781  $ 859  $ 4,155  $ 2,836  $ 2,251  $ 1,336  $ 3,344  $ — 
Gross charge-offs for the three months ended
   March 31, 2024
$ 1  $ —  $ —  $ —  $ $ —  $ —  $ — 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated $ 9,227  $ 471  $ 1,878  $ 1,803  $ 1,482  $ 778  $ 2,378  $ 437 
Reservable criticized 384  11  72  108  34  153 
Total U.S. Small Business Commercial
$ 9,611  $ 474  $ 1,889  $ 1,875  $ 1,590  $ 812  $ 2,531  $ 440 
Gross charge-offs for the three months ended
   March 31, 2024
$ 7  $ —  $ —  $ —  $ —  $ $ $
Total $ 581,861  $ 16,939  $ 66,831  $ 76,282  $ 57,050  $ 22,224  $ 78,540  $ 263,995 
Gross charge-offs for the three months ended
   March 31, 2024
$ 391  $ —  $ $ 19  $ $ 51  $ 244  $ 68 
(1)Excludes $2.7 billion of loans accounted for under the fair value option at March 31, 2024.
(2)Excludes U.S. Small Business Card loans of $10.3 billion. Refreshed FICO scores for this portfolio are $597 million for less than 620; $1.1 billion for greater than or equal to 620 and less than 680; $2.9 billion for greater than or equal to 680 and less than 740; and $5.8 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $111 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, 2023.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions) Total as of
 December 31,
 2023
2023 2022 2021 2020 2019 Prior
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  $ —  $ $ 12  $ $ $ 40 
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving Loans Revolving 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 
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  $ $ 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 Year Credit Card
(Dollars in millions) Total Direct/Indirect as of December 31, 2023 Revolving Loans 2023 2022 2021 2020 2019 Prior Total 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 680
2,506  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 740 41,656  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  $ $ 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 2023 2022 2021 2020 2019 Prior Revolving 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 criticized 11,368  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  $ $ 38  $ 29  $ $ $ 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 criticized 1,650  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  $ —  $ —  $ $ $ $ —  $ 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 criticized 8,728  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  $ $ —  $ $ —  $ 59  $ 189  $ — 
Commercial Lease Financing
Risk ratings
Pass rated $ 14,688  $ 4,188  $ 3,077  $ 2,373  $ 1,349  $ 1,174  $ 2,527  $ — 
Reservable criticized 166  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
$ $ —  $ —  $ $ $ —  $ —  $ — 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated $ 9,031  $ 1,886  $ 1,830  $ 1,550  $ 836  $ 721  $ 1,780  $ 428 
Reservable criticized 384  64  95  40  63  113 
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  $ $ $ $ 19  $ $ $ 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  $ $ 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.
Troubled Debt Restructurings on Financing Receivables The table below provides aging information as of March 31, 2024 for consumer real estate loans that were modified over the last 12 months and as of March 31, 2023 for consumer real estate loans that were modified during the first quarter of 2023.
Consumer Real Estate - Payment Status of Modifications to Borrowers in Financial Difficulty
Current
30–89 Days
Past Due
90+ Days
Past Due
Total
(Dollars in millions) March 31, 2024
Residential mortgage $ 304  $ 78  $ 94  $ 476 
Home equity 51  6  14  71 
Total $ 355  $ 84  $ 108  $ 547 
March 31, 2023
Residential mortgage $ 126  $ 49  $ 30  $ 205 
Home equity 23  10  40 
Total $ 149  $ 56  $ 40  $ 245 
The table below provides the ending amortized cost of commercial loans modified during the three months ended March 31, 2024 and 2023.
Commercial Loans - Modifications to Borrowers in Financial Difficulty
Term Extension Forbearances Interest Rate Reduction Total
(Dollars in Millions) March 31, 2024
U.S. commercial $ 370 $ 6 $ $ 376
Non-U.S. commercial
Commercial real estate 581 479 36 1,096
Total $ 951 $ 485 $ 36 $ 1,472
March 31, 2023
U.S. commercial $ 297 $ 96 $ $ 393
Non-U.S. commercial 104 104
Commercial real estate 299 299
Total $ 700 $ 96 $ $ 796
The following table provides aging information as of March 31, 2024 for commercial loans that were modified over the last 12 months and as of March 31, 2023 for commercial loans that were modified during the first quarter of 2023.
Commercial - Payment Status of Modified Loans to Borrowers in Financial Difficulty
Current
30–89 Days
Past Due
90+ Days
Past Due
Total % of Total Class of Financing Receivable
(Dollars in millions) March 31, 2024
U.S. Commercial $ 1,046  $ 34  $ 24  $ 1,104 0.30  %
Non-U.S. Commercial 149    3  152 0.12 
Commercial Real Estate 1,569  292  330  2,191 3.06 
Total $ 2,764  $ 326  $ 357  $ 3,447 0.62 
March 31, 2023
U.S. Commercial $ 355  $ —  $ 38  $ 393 0.11  %
Non-U.S. Commercial 104  —  —  104 0.08 
Commercial Real Estate 299  —  —  299 0.41 
Total $ 758  $ —  $ 38  $ 796 0.14 
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 table below.
Consumer
Real Estate
Credit Card and
 Other Consumer
Commercial Total
(Dollars in millions) Three Months Ended March 31, 2024
Allowance for loan and lease losses, January 1 $ 386  $ 8,134  $ 4,822  $ 13,342 
Loans and leases charged off (11) (1,225) (502) (1,738)
Recoveries of loans and leases previously charged off 21  187  32