Bank of America Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

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

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

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 and December 31, 2019.




	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)	June 30, 2020
Consumer real estate
Core portfolio
Residential mortgage	$	833		$	144		$	637		$	1,614		$	228,526					$	230,140
Home equity	103			66			228			397			33,538						33,935
Non-core portfolio
Residential mortgage	252			110			1,001			1,363			7,997						9,360
Home equity	23			15			68			106			4,355						4,461
Credit card and other consumer
Credit card	352			286			782			1,420			82,824						84,244
Direct/Indirect consumer ⁽²⁾	193			63			30			286			88,342						88,628
Other consumer	—			—			—			—			120						120
Total consumer	1,756			684			2,746			5,186			445,702						450,888
Consumer loans accounted for under the fair value option ⁽³⁾																$	684		684
Total consumer loans and leases	1,756			684			2,746			5,186			445,702			684			451,572
Commercial
U.S. commercial	504			303			596			1,403			312,535						313,938
Non-U.S. commercial	17			43			16			76			103,608						103,684
Commercial real estate ⁽⁴⁾ (4)	38			2			201			241			63,854						64,095
Commercial lease financing	64			92			60			216			17,984						18,200
U.S. small business commercial ⁽⁵⁾	73			66			122			261			38,702						38,963
Total commercial	696			506			995			2,197			536,683						538,880
Commercial loans accounted for under the fair value option ⁽³⁾																8,492			8,492
Total commercial loans and leases	696			506			995			2,197			536,683			8,492			547,372
Total loans and leases ⁽⁶⁾	$	2,452		$	1,190		$	3,741		$	7,383		$	982,385		$	9,176		$	998,944
Percentage of outstandings	0.25		%	0.12		%	0.37		%	0.74		%	98.34		%	0.92		%	100.00		%

⁽¹⁾

Consumer real estate loans 30-59 days past due includes fully-insured loans of $208 million and nonperforming loans of $95 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $92 million and nonperforming loans of $78 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $1.0 billion. Consumer real estate loans current or less than 30 days past due includes $894 million and direct/indirect consumer includes $40 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles.


⁽²⁾	Total outstandings primarily includes auto and specialty lending loans and leases of $48.4 billion, U.S. securities-based lending loans of $36.6 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 $330 million and home equity loans of $354 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $5.1 billion and non-U.S. commercial loans of $3.4 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 $60.6 billion and non-U.S. commercial real estate loans of $3.5 billion.


⁽⁵⁾	Includes PPP loans.


⁽⁶⁾	Total outstandings includes loans and leases pledged as collateral of $15.7 billion. The Corporation also pledged $194.3 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, 2019
Consumer real estate
Core portfolio
Residential mortgage	$	1,378		$	261		$	565		$	2,204		$	223,566					$	225,770
Home equity	135			70			198			403			34,823						35,226
Non-core portfolio
Residential mortgage	458			209			1,263			1,930			8,469						10,399
Home equity	34			16			72			122			4,860						4,982
Credit card and other consumer
Credit card	564			429			1,042			2,035			95,573						97,608
Direct/Indirect consumer ⁽²⁾	297			85			35			417			90,581						90,998
Other consumer	—			—			—			—			192						192
Total consumer	2,866			1,070			3,175			7,111			458,064						465,175
Consumer loans accounted for under the fair value option ⁽³⁾																$	594		594
Total consumer loans and leases	2,866			1,070			3,175			7,111			458,064			594			465,769
Commercial
U.S. commercial	788			279			371			1,438			305,610						307,048
Non-U.S. commercial	35			23			8			66			104,900						104,966
Commercial real estate ⁽⁴⁾	144			19			119			282			62,407						62,689
Commercial lease financing	100			56			39			195			19,685						19,880
U.S. small business commercial	119			56			107			282			15,051						15,333
Total commercial	1,186			433			644			2,263			507,653						509,916
Commercial loans accounted for under the fair value option ⁽³⁾																7,741			7,741
Total commercial loans and leases	1,186			433			644			2,263			507,653			7,741			517,657
Total loans and leases ⁽⁵⁾	$	4,052		$	1,503		$	3,819		$	9,374		$	965,717		$	8,335		$	983,426
Percentage of outstandings	0.41		%	0.15		%	0.39		%	0.95		%	98.20		%	0.85		%	100.00		%

⁽¹⁾

Consumer real estate loans 30-59 days past due includes fully-insured loans of $517 million and nonperforming loans of $139 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $206 million and nonperforming loans of $114 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $1.1 billion. Consumer real estate loans current or less than 30 days past due includes $856 million and direct/indirect consumer includes $45 million of nonperforming loans.


⁽²⁾	Total outstandings primarily includes auto and specialty lending loans and leases of $50.4 billion, U.S. securities-based lending loans of $36.7 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 $257 million and home equity loans of $337 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.7 billion and non-U.S. commercial loans of $3.1 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 $59.0 billion and non-U.S. commercial real estate loans of $3.7 billion.

⁽⁵⁾

Total outstandings includes loans and leases pledged as collateral of $25.9 billion. The Corporation also pledged $168.2 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 table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at June 30, 2020 and December 31, 2019. 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 information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles. 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 2019 Annual Report on Form 10-K.




Credit Quality

	Nonperforming Loans and Leases						Accruing Past Due 90 Days or More ⁽¹⁾
(Dollars in millions)	June 30 2020			December 31 2019			June 30 2020			December 31 2019
Residential mortgage⁽²⁾	$	1,552		$	1,470		$	854		$	1,088
With negative allowance ⁽³⁾	469			—
Home equity ⁽²⁾	594			536			—			—
With negative allowance ⁽³⁾	117			—
Credit Card	n/a			n/a			782			1,042
Direct/indirect consumer	45			47			27			33
Total consumer	2,191			2,053			1,663			2,163
U.S. commercial	1,247			1,094			342			106
Non-U.S. commercial	387			43			9			8
Commercial real estate	474			280			44			19
Commercial lease financing	17			32			46			20
U.S. small business commercial	77			50			111			97
Total commercial	2,202			1,499			552			250
Total nonperforming loans	$	4,393		$	3,552		$	2,215		$	2,413
Percentage of outstanding loans and leases	0.44		%	0.36		%	0.22		%	0.25		%


⁽¹⁾	For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the COVID-19 pandemic, see Note 1 – Summary of Significant Accounting Principles.

⁽²⁾

Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2020 and December 31, 2019 residential mortgage includes $590 million and $740 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 $264 million and $348 million of loans on which interest was still accruing.


⁽³⁾	At June 30, 2020, Residential Mortgage and Home Equity include negative allowance on nonperforming loans of $155 million and $106 million.

n/a = not applicable

Financing Receivable Credit Quality Indicators

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 class of financing receivables and year of origination for term loan balances at June 30, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR.




Residential Mortgage – Credit Quality Indicators By Vintage

(Dollars in millions)	Total as of June 30, 2020		2020		2019		2018		2017		2016		Prior
Total Residential Mortgage
Refreshed LTV
Less than or equal to 90 percent	$	222,670	$	36,651	$	56,859	$	21,030	$	29,491	$	30,393	$	48,246
Greater than 90 percent but less than or equal to 100 percent	3,721		1,075		1,517		420		172		132		405
Greater than 100 percent	1,362		356		376		119		68		51		392
Fully-insured loans	11,747		1,788		2,635		522		425		2,453		3,924
Total Residential Mortgage	$	239,500	$	39,870	$	61,387	$	22,091	$	30,156	$	33,029	$	52,967

Total Residential Mortgage
Refreshed FICO score
Less than 620	$	3,029	$	109	$	277	$	227	$	245	$	257	$	1,914
Greater than or equal to 620 and less than 680	5,756		403		997		644		616		525		2,571
Greater than or equal to 680 and less than 740	26,826		3,162		6,570		2,926		3,314		2,937		7,917
Greater than or equal to 740	192,142		34,408		50,908		17,772		25,556		26,857		36,641
Fully-insured loans	11,747		1,788		2,635		522		425		2,453		3,924
Total Residential Mortgage	$	239,500	$	39,870	$	61,387	$	22,091	$	30,156	$	33,029	$	52,967




Home Equity - Credit Quality Indicators

	Total		Home Equity Loans and Reverse Mortgages ⁽¹⁾		Revolving Loans		Revolving Loans Converted to Term Loans
(Dollars in millions)	June 30, 2020
Total Home Equity
Refreshed LTV
Less than or equal to 90 percent	$	37,252	$	2,091	$	25,071	$	10,090
Greater than 90 percent but less than or equal to 100 percent	497		141		145		211
Greater than 100 percent	647		211		127		309
Total Home Equity	$	38,396	$	2,443	$	25,343	$	10,610

Total Home Equity
Refreshed FICO score
Less than 620	$	1,212	$	256	$	261	$	695
Greater than or equal to 620 and less than 680	2,082		298		629		1,155
Greater than or equal to 680 and less than 740	6,606		600		3,336		2,670
Greater than or equal to 740	28,496		1,289		21,117		6,090
Total Home Equity	$	38,396	$	2,443	$	25,343	$	10,610


⁽¹⁾	Includes reverse mortgages of $1.4 billion and home equity loans of $1.1 billion 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 June 30, 2020		Revolving Loans		2020		2019		2018		2017		2016		Prior		Total Credit Card as of June 30, 2020		Revolving Loans		Revolving Loans Converted to Term Loans ⁽³⁾
Refreshed FICO score
Less than 620	$	1,197	$	22	$	55	$	220	$	223	$	338	$	234	$	105	$	4,300	$	4,075	$	225
Greater than or equal to 620 and less than 680	2,409		25		352		735		447		433		268		149		10,511		10,304		207
Greater than or equal to 680 and less than 740	7,719		90		1,519		2,602		1,375		1,078		616		439		30,679		30,505		174
Greater than or equal to 740	37,307		129		6,690		12,879		7,590		5,039		2,668		2,312		38,754		38,713		41
Other internal credit metrics ^{(1, 2)}	39,996		39,351		41		120		119		83		56		226		—		—		—
Total credit card and other consumer	$	88,628	$	39,617	$	8,657	$	16,556	$	9,754	$	6,971	$	3,842	$	3,231	$	84,244	$	83,597	$	647


⁽¹⁾	Other internal credit metrics may include delinquency status, geography or other factors.


⁽²⁾	Direct/indirect consumer includes $39.4 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 June 30, 2020.


⁽³⁾	Represents troubled debt restructurings that were modified into term loans.




Commercial – Credit Quality Indicators By Vintage ^{(1, 2)}
			Term Loans
			Amortized Cost Basis by Origination Year
(Dollars in millions)	Total as of June 30, 2020		2020		2019		2018		2017		2016		Prior		Revolving Loans
U.S. Commercial
Risk ratings
Pass rated	$	296,434	$	25,884	$	42,179	$	22,334	$	17,409	$	9,549	$	22,068	$	157,011
Reservable criticized	17,504		531		1,822		1,455		789		547		1,333		11,027
Total U.S. Commercial	$	313,938	$	26,415	$	44,001	$	23,789	$	18,198	$	10,096	$	23,401	$	168,038

Non-U.S. Commercial
Risk ratings
Pass rated	$	100,749	$	10,880	$	16,038	$	9,521	$	6,733	$	1,717	$	6,986	$	48,874
Reservable criticized	2,935		182		423		345		122		60		73		1,730
Total Non-U.S. Commercial	$	103,684	$	11,062	$	16,461	$	9,866	$	6,855	$	1,777	$	7,059	$	50,604

Commercial Real Estate
Risk ratings
Pass rated	$	61,690	$	5,654	$	17,096	$	11,800	$	7,005	$	4,090	$	8,750	$	7,295
Reservable criticized	2,405		1		485		510		539		267		414		189
Total Commercial Real Estate	$	64,095	$	5,655	$	17,581	$	12,310	$	7,544	$	4,357	$	9,164	$	7,484

Commercial Lease Financing
Risk ratings
Pass rated	$	17,603	$	1,860	$	3,552	$	3,509	$	2,996	$	2,035	$	3,651	$	—
Reservable criticized	597		58		92		148		64		44		191		—
Total Commercial Lease Financing	$	18,200	$	1,918	$	3,644	$	3,657	$	3,060	$	2,079	$	3,842	$	—

U.S. Small Business Commercial ⁽³⁾
Risk ratings
Pass rated	$	31,169	$	25,656	$	1,320	$	1,001	$	843	$	605	$	1,538	$	206
Reservable criticized	938		15		87		141		164		120		402		9
Total U.S. Small Business Commercial	$	32,107	$	25,671	$	1,407	$	1,142	$	1,007	$	725	$	1,940	$	215
Total ^{(1, 2)}	$	532,024	$	70,721	$	83,094	$	50,764	$	36,664	$	19,034	$	45,406	$	226,341

⁽¹⁾ Excludes $8.5 billion and $7.7 billion of loans accounted for under the fair value option at June 30, 2020 and December 31, 2019.


⁽²⁾	Includes $69 million of loans that converted from revolving to term loans.

⁽³⁾

Excludes U.S. Small Business Card loans of $6.9 billion. Refreshed FICO scores for this portfolio are $294 million for less than 620; $674 million for greater than or equal to 620 and less than 680; $1.9 billion for greater than or equal to 680 and less than 740; and $4.0 billion greater than or equal to 740.

Troubled Debt Restructurings on Financing Receivables

The table below presents the June 30, 2020 and 2019 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and six months ended June 30, 2020 and 2019. 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.




Consumer Real Estate – TDRs Entered into During The Three and Six Months Ended June 30, 2020 and 2019 ⁽¹⁾

	Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate ⁽²⁾		Unpaid Principal Balance		Carrying Value		Pre-Modification Interest Rate		Post-Modification Interest Rate ⁽²⁾
(Dollars in millions)	Three Months Ended June 30, 2020								Six Months Ended June 30, 2020
Residential mortgage	$	120	$	103	4.22	%	4.19	%	$	219	$	185	4.10	%	4.01	%
Home equity	22		18		3.68		3.65		45		38		3.99		3.92
Total	$	142	$	121	4.14		4.11		$	264	$	223	4.08		3.99

	Three Months Ended June 30, 2019								Six Months Ended June 30, 2019
Residential mortgage	$	154	$	125	4.28	%	4.39	%	$	277	$	224	4.27	%	4.30	%
Home equity	101		71		5.17		5.16		159		113		5.21		4.88
Total	$	255	$	196	4.63		4.69		$	436	$	337	4.61		4.51


⁽¹⁾	For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.


⁽²⁾	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 June 30, 2020 and 2019 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2020 and 2019, by type of modification.




Consumer Real Estate – Modification Programs ⁽¹⁾

	TDRs Entered into During the
	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2020		2019		2020			2019
Modifications under government programs	$	—	$	10	$	3		$	18
Modifications under proprietary programs	20		22		59			75
Loans discharged in Chapter 7 bankruptcy ⁽²⁾	21		30		32		569	52
Trial modifications	80		134		129		211	192
Total modifications	$	121	$	196	$	223		$	337


⁽¹⁾	For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.


⁽²⁾	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 the three and six months ended June 30, 2020 and 2019 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 ⁽¹⁾

	Three Months Ended June 30				Six Months Ended June 30
(Dollars in millions)	2020		2019		2020		2019
Modifications under government programs	$	2	$	6	$	8	$	13
Modifications under proprietary programs	5		20		19		49
Loans discharged in Chapter 7 bankruptcy ⁽²⁾	4		9		11		18
Trial modifications ⁽³⁾	12		11		30		27
Total modifications	$	23	$	46	$	68	$	107


⁽¹⁾	For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.


⁽²⁾	Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.

⁽³⁾

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 the June 30, 2020 and 2019 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2020 and 2019.




Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2020 and 2019 ⁽¹⁾

	Unpaid Principal Balance		Carrying Value ⁽²⁾		Pre-Modification Interest Rate		Post-Modification Interest Rate		Unpaid Principal Balance		Carrying Value ⁽²⁾		Pre-Modification Interest Rate		Post-Modification Interest Rate
(Dollars in millions)	Three Months Ended June 30, 2020								Six Months Ended June 30, 2020
Credit card	$	57	$	61	18.08	%	5.15	%	$	144	$	152	18.02	%	5.24	%
Direct/Indirect consumer	14		8		5.26		5.26		23		12		5.31		5.31
Total	$	71	$	69	16.61		5.16		$	167	$	164	17.07		5.25

	Three Months Ended June 30, 2019								Six Months Ended June 30, 2019
Credit card	$	95	$	102	19.84	%	5.38	%	$	184	$	195	19.82	%	5.32	%
Direct/Indirect consumer	19		11		5.19		5.16		27		15		5.18		5.16
Total	$	114	$	113	18.45		5.36		$	211	$	210	18.80		5.30


⁽¹⁾	For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.

⁽²⁾

Includes accrued interest and fees.

The table below presents the June 30, 2020 and 2019 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three and six months ended June 30, 2020 and 2019, by program type.




Credit Card and Other Consumer – TDRs by Program Type ⁽¹⁾

	TDRs Entered into During the Three Months Ended June 30				TDRs Entered into During the Six Months Ended June 30
(Dollars in millions)	2020		2019		2020		2019
Internal programs	$	43	$	71	$	109	$	136
External programs	18		31		43		59
Other	8		11		12		15
Total	$	69	$	113	$	164	$	210

⁽¹⁾

Includes accrued interest and fees. For more information on the Corporation's loan modification programs offered in response to the COVID-19 pandemic, which are not TDRs, see Note 1 – Summary of Significant Accounting Principles.

Changes in the Allowance for Credit Losses

The table below summarizes the changes in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2020 and 2019.




	Consumer Real Estate			Credit Card and Other Consumer			Commercial			Total
(Dollars in millions)	Three Months Ended June 30, 2020
Allowance for loan and lease losses, April 1	$	808		$	8,258		$	6,700		$	15,766
Loans and leases charged off	(27		)	(985		)	(447		)	(1,459		)
Recoveries of loans and leases previously charged off	61			217			35			313
Net charge-offs	34			(768		)	(412		)	(1,146		)
Provision for loan and lease losses	(9		)	2,632			2,152			4,775
Other ⁽¹⁾	—			—			(6		)	(6		)
Allowance for loan and lease losses, June 30	833			10,122			8,434			19,389
Reserve for unfunded lending commitments, April 1	149			—			1,211			1,360
Provision for unfunded lending commitments	(8		)	—			350			342
Reserve for unfunded lending commitments, June 30	141			—			1,561			1,702
Allowance for credit losses, June 30	$	974		$	10,122		$	9,995		$	21,091

	Three Months Ended June 30, 2019
Allowance for loan and lease losses, April 1	$	822		$	3,934		$	4,821		$	9,577
Loans and leases charged off	(153		)	(1,075		)	(233		)	(1,461		)
Recoveries of loans and leases previously charged off	305			232			37			574
Net charge-offs	152			(843		)	(196		)	(887		)
Provision for loan and lease losses	(239		)	879			213			853
Other ⁽¹⁾	(16		)	—			—			(16		)
Allowance for loan and lease losses, June 30	719			3,970			4,838			9,527
Reserve for unfunded lending commitments, April 1	—			—			802			802
Provision for unfunded lending commitments	—			—			4			4
Reserve for unfunded lending commitments, June 30	—			—			806			806
Allowance for credit losses, June 30	$	719		$	3,970		$	5,644		$	10,333

(Dollars in millions)	Six Months Ended June 30, 2020
Allowance for loan and lease losses, January 1	$	440		$	7,430		$	4,488		$	12,358
Loans and leases charged off	(62		)	(2,106		)	(729		)	(2,897		)
Recoveries of loans and leases previously charged off	108			454			67			629
Net charge-offs	46			(1,652		)	(662		)	(2,268		)
Provision for loan and lease losses	342			4,344			4,614			9,300
Other ⁽¹⁾	5			—			(6		)	(1		)
Allowance for loan and lease losses, June 30	833			10,122			8,434			19,389
Reserve for unfunded lending commitments, January 1	119			—			1,004			1,123
Provision for unfunded lending commitments	22			—			556			578
Other ⁽¹⁾	—			—			1			1
Reserve for unfunded lending commitments, June 30	141			—			1,561			1,702
Allowance for credit losses, June 30	$	974		$	10,122		$	9,995		$	21,091

	Six Months Ended June 30, 2019
Allowance for loan and lease losses, January 1	$	928		$	3,874		$	4,799		$	9,601
Loans and leases charged off	(256		)	(2,132		)	(410		)	(2,798		)
Recoveries of loans and leases previously charged off	413			449			58			920
Net charge-offs	157			(1,683		)	(352		)	(1,878		)
Provision for loan and lease losses	(309		)	1,779			391			1,861
Other ⁽¹⁾	(57		)	—			—			(57		)
Allowance for loan and lease losses, June 30	719			3,970			4,838			9,527
Reserve for unfunded lending commitments, January 1	—			—			797			797
Provision for unfunded lending commitments	—			—			9			9
Reserve for unfunded lending commitments, June 30	—			—			806			806
Allowance for credit losses, June 30	$	719		$	3,970		$	5,644		$	10,333


⁽¹⁾	Primarily represents write-offs of purchased credit-impaired loans in 2019, and the net impact of portfolio sales, transfers to held-for-sale and transfers to foreclosed properties.