Quarterly report pursuant to Section 13 or 15(d)

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

v3.24.3
Outstanding Loans and Leases and Allowance for Credit Losses (Tables)
9 Months Ended
Sep. 30, 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 September 30, 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) September 30, 2024
Consumer real estate            
Residential mortgage $ 1,206  $ 262  $ 762  $ 2,230  $ 225,612  $ 227,842 
Home equity 82  33  127  242  25,241  25,483 
Credit card and other consumer
Credit card 717  540  1,306  2,563  98,278  100,841 
Direct/Indirect consumer (2)
298  103  97  498  105,197  105,695 
Other consumer         161  161 
Total consumer 2,303  938  2,292  5,533  454,489  460,022 
Consumer loans accounted for under the fair value option (3)
$ 229  229 
Total consumer loans and leases 2,303  938  2,292  5,533  454,489  229  460,251 
Commercial
U.S. commercial 415  330  461  1,206  378,357  379,563 
Non-U.S. commercial 19  23  85  127  127,611  127,738 
Commercial real estate (4)
511  138  1,209  1,858  66,562  68,420 
Commercial lease financing 26  20  17  63  14,929  14,992 
U.S. small business commercial 186  96  186  468  20,425  20,893 
Total commercial 1,157  607  1,958  3,722  607,884  611,606 
Commercial loans accounted for under the fair value option (3)
3,943  3,943 
Total commercial loans and leases 1,157  607  1,958  3,722  607,884  3,943  615,549 
Total loans and leases (5)
$ 3,460  $ 1,545  $ 4,250  $ 9,255  $ 1,062,373  $ 4,172  $ 1,075,800 
Percentage of outstandings 0.32  % 0.14  % 0.40  % 0.86  % 98.75  % 0.39  % 100.00  %
(1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $179 million and nonperforming loans of $181 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $68 million and nonperforming loans of $93 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $215 million and nonperforming loans of $674 million. Consumer real estate loans current or less than 30 days past due includes $1.6 billion, and direct/indirect consumer includes $52 million of nonperforming loans.
(2)Total outstandings primarily includes auto and specialty lending loans and leases of $54.9 billion, U.S. securities-based lending loans of $47.3 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 $63 million and home equity loans of $166 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.7 billion and non-U.S. commercial loans of $1.3 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 $61.8 billion and non-U.S. commercial real estate loans of $6.6 billion.
(5)Total outstandings includes loans and leases pledged as collateral of $27.7 billion. The Corporation also pledged $302.5 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 September 30, 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) September 30 2024 December 31 2023 September 30 2024 December 31 2023
Residential mortgage (1)
$ 2,089  $ 2,114  $ 215  $ 252 
With no related allowance (2)
1,930  1,974    — 
Home equity (1)
413  450    — 
With no related allowance (2)
346  375    — 
Credit Card             n/a             n/a 1,306  1,224 
Direct/indirect consumer 175  148  1 
Total consumer 2,677  2,712  1,522  1,478 
U.S. commercial 699  636  219  51 
Non-U.S. commercial 85  175  12 
Commercial real estate 2,124  1,927  206  32 
Commercial lease financing 18  19  5 
U.S. small business commercial 26  16  183  184 
Total commercial 2,952  2,773  625  278 
Total nonperforming loans $ 5,629  $ 5,485  $ 2,147  $ 1,756 
Percentage of outstanding loans and leases
0.53  % 0.52  % 0.20  % 0.17  %
(1)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2024 and December 31, 2023 residential mortgage included $114 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 $101 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 September 30, 2024.
Residential Mortgage – Credit Quality Indicators By Vintage
Term Loans by Origination Year
(Dollars in millions) Total as of September 30,
 2024
2024 2023 2022 2021 2020 Prior
Residential Mortgage
Refreshed LTV
     
Less than or equal to 90 percent $ 215,050  $ 12,861  $ 13,670  $ 37,299  $ 72,985  $ 33,129  $ 45,106 
Greater than 90 percent but less than or equal to 100 percent
1,752  553  528  480  123  23  45 
Greater than 100 percent
725  313  181  137  53  17  24 
Fully-insured loans
10,315  440  201  312  3,220  2,634  3,508 
Total Residential Mortgage $ 227,842  $ 14,167  $ 14,580  $ 38,228  $ 76,381  $ 35,803  $ 48,683 
Residential Mortgage
Refreshed FICO score
Less than 620 $ 2,500  $ 125  $ 162  $ 470  $ 607  $ 418  $ 718 
Greater than or equal to 620 and less than 680
4,657  222  364  894  1,175  704  1,298 
Greater than or equal to 680 and less than 740
22,362  1,443  1,644  4,072  6,341  3,494  5,368 
Greater than or equal to 740
188,008  11,937  12,209  32,480  65,038  28,553  37,791 
Fully-insured loans
10,315  440  201  312  3,220  2,634  3,508 
Total Residential Mortgage $ 227,842  $ 14,167  $ 14,580  $ 38,228  $ 76,381  $ 35,803  $ 48,683 
Gross charge-offs for the nine months ended September 30, 2024 $ 18  $ —  $ $ $ $ $
Home Equity - Credit Quality Indicators
Total
Home Equity Loans and Reverse Mortgages (1)
Revolving Loans Revolving Loans Converted to Term Loans
(Dollars in millions) September 30, 2024
Home Equity
Refreshed LTV
     
Less than or equal to 90 percent $ 25,399  $ 806  $ 21,078  $ 3,515 
Greater than 90 percent but less than or equal to 100 percent
40  3  33  4 
Greater than 100 percent
44  1  32  11 
Total Home Equity $ 25,483  $ 810  $ 21,143  $ 3,530 
Home Equity
Refreshed FICO score
Less than 620 $ 633  $ 71  $ 299  $ 263 
Greater than or equal to 620 and less than 680
1,092  86  661  345 
Greater than or equal to 680 and less than 740
4,290  168  3,300  822 
Greater than or equal to 740
19,468  485  16,883  2,100 
Total Home Equity $ 25,483  $ 810  $ 21,143  $ 3,530 
Gross charge-offs for the nine months ended September 30, 2024 $ 16  $ 6  $ 5  $ 5 
(1)Includes reverse mortgages of $510 million and home equity loans of $300 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 September 30,
2024
Revolving Loans 2024 2023 2022 2021 2020 Prior Total Credit Card as of September 30,
2024
Revolving Loans
Revolving Loans Converted to Term Loans (1)
Refreshed FICO score    
Less than 620 $ 1,415  $ 11  $ 163  $ 424  $ 439  $ 265  $ 60  $ 53  $ 5,735  $ 5,384  $ 351 
Greater than or equal to 620 and less than 680 2,336  522  757  582  314  79  73  11,452  11,133  319 
Greater than or equal to 680 and less than 740
8,035  44  2,284  2,436  1,800  970  273  228  34,390  34,106  284 
Greater than or equal to 740 43,274  68  14,338  12,466  8,701  4,664  1,613  1,424  49,264  49,201  63 
Other internal credit
   metrics (2,3)
50,635  50,133  114  53  98  64  36  137    —  — 
Total credit card and other
   consumer
$ 105,695  $ 50,265  $ 17,421  $ 16,136  $ 11,620  $ 6,277  $ 2,061  $ 1,915  $ 100,841  $ 99,824  $ 1,017 
Gross charge-offs for the nine
   months ended September 30, 2024
$ 292  $ $ 20  $ 107  $ 86  $ 40  $ 10  $ 25  $ 3,235  $ 3,103  $ 132 
(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 $50.1 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 September 30, 2024.
Commercial – Credit Quality Indicators By Vintage (1)
Term Loans
Amortized Cost Basis by Origination Year
(Dollars in millions) Total as of
September 30,
2024
2024 2023 2022 2021 2020 Prior Revolving Loans
U.S. Commercial
Risk ratings        
Pass rated $ 366,116  $ 32,114  $ 36,286  $ 36,234  $ 22,318  $ 11,309  $ 35,902  $ 191,953 
Reservable criticized 13,447  86  814  1,007  886  388  2,044  8,222 
Total U.S. Commercial
$ 379,563  $ 32,200  $ 37,100  $ 37,241  $ 23,204  $ 11,697  $ 37,946  $ 200,175 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 327  $ $ 111  $ 64  $ 14  $ $ 16  $ 116 
Non-U.S. Commercial
Risk ratings
Pass rated $ 125,663  $ 13,329  $ 16,902  $ 13,303  $ 12,712  $ 1,450  $ 7,643  $ 60,324 
Reservable criticized 2,075  155  125  293  12  91  1,398 
Total Non-U.S. Commercial
$ 127,738  $ 13,330  $ 17,057  $ 13,428  $ 13,005  $ 1,462  $ 7,734  $ 61,722 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 61  $ —  $ 41  $ 20  $ —  $ —  $ —  $ — 
Commercial Real Estate
Risk ratings
Pass rated $ 58,554  $ 4,232  $ 4,891  $ 12,653  $ 10,197  $ 3,054  $ 13,604  $ 9,923 
Reservable criticized 9,866  27  180  2,421  2,229  644  3,953  412 
Total Commercial Real Estate
$ 68,420  $ 4,259  $ 5,071  $ 15,074  $ 12,426  $ 3,698  $ 17,557  $ 10,335 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 762  $ —  $ —  $ 57  $ 83  $ 62  $ 531  $ 29 
Commercial Lease Financing
Risk ratings
Pass rated $ 14,748  $ 2,596  $ 3,823  $ 2,590  $ 2,072  $ 966  $ 2,701  $ — 
Reservable criticized 244  53  61  38  23  62  — 
Total Commercial Lease Financing
$ 14,992  $ 2,603  $ 3,876  $ 2,651  $ 2,110  $ 989  $ 2,763  $ — 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 2  $ —  $ —  $ —  $ $ —  $ —  $ — 
U.S. Small Business Commercial (2)
Risk ratings
Pass rated $ 9,562  $ 1,379  $ 1,920  $ 1,698  $ 1,354  $ 665  $ 2,108  $ 438 
Reservable criticized 429  57  99  120  25  120 
Total U.S. Small Business Commercial
$ 9,991  $ 1,383  $ 1,977  $ 1,797  $ 1,474  $ 690  $ 2,228  $ 442 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 22  $ —  $ —  $ $ —  $ $ $ 12 
Total $ 600,704  $ 53,775  $ 65,081  $ 70,191  $ 52,219  $ 18,536  $ 68,228  $ 272,674 
Gross charge-offs for the nine months ended
   September 30, 2024
$ 1,174  $ $ 152  $ 142  $ 99  $ 71  $ 551  $ 157 
(1)Excludes $3.9 billion of loans accounted for under the fair value option at September 30, 2024.
(2)Excludes U.S. Small Business Card loans of $10.9 billion. Refreshed FICO scores for this portfolio are $667 million for less than 620; $1.2 billion for greater than or equal to 620 and less than 680; $3.0 billion for greater than or equal to 680 and less than 740; and $6.1 billion greater than or equal to 740. Excludes U.S. Small Business Card loans gross charge-offs of $361 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 the ending amortized cost of the Corporation’s modified consumer real estate loans for the three and nine months ended September 30, 2024 and 2023.
Consumer Real Estate - Modifications to Borrowers in Financial Difficulty
Forbearance and Other Payment Plans Permanent Modification Total As a % of Financing Receivables Forbearance and Other Payment Plans Permanent Modification Total As a % of Financing Receivables
(Dollars in millions)
Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024
Residential Loans $ 4  $ 48  $ 52  0.02  % $ 41  $ 161  $ 202  0.09  %
Home Equity   8  8  0.03  %   26  26  0.10  %
Total $ 4  $ 56  $ 60  0.02  % $ 41  $ 187  $ 228  0.09  %
Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023
Residential Loans $ 270  $ 47  $ 317  0.14  % $ 437  $ 128  $ 565  0.25  %
Home Equity 39  48  0.19  64  26  90  0.35 
Total $ 309  $ 56  $ 365  0.14  $ 501  $ 154  $ 655  0.26 
The table below presents the financial effect of modified consumer real estate loans.
Financial Effect of Modified Consumer Real Estate Loans
Three Months Ended September 30 Nine Months Ended September 30
2024 2023 2024 2023
Forbearance and Other Payment Plans
Weighted-average duration
Residential Mortgage 4 months 4 months 7 months 8 months
Home Equity
n/a
4 months
n/a
9 months
Permanent Modifications
Weighted-average Term Extension
Residential Mortgage 11.0 years 12.1 years 9.8 years 9.9 years
Home Equity 17.7 years 17.2 years 17.5 years 16.2 years
Weighted-average Interest Rate Reduction
Residential Mortgage 1.23  % 1.31  % 1.29  % 1.50  %
Home Equity 2.77  % 2.69  % 2.66  % 3.11  %
n/a = not applicable
The table below provides aging information as of September 30, 2024 for consumer real estate loans that were modified over the last 12 months and as of September 30, 2023 for consumer real estate loans that were modified during the first nine months 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) September 30, 2024
Residential mortgage $ 153  $ 52  $ 47  $ 252 
Home equity 29  2  1  32 
Total $ 182  $ 54  $ 48  $ 284 
September 30, 2023
Residential mortgage $ 295  $ 114  $ 156  $ 565 
Home equity 51  11  28  90 
Total $ 346  $ 125  $ 184  $ 655 
The table below provides the ending amortized cost of commercial loans modified during the three and nine months ended September 30, 2024 and 2023.
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