v3.26.1
CREDIT QUALITY AND THE ALLOWANCE FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of changes in the allowance for credit losses
The following table presents a summary of changes in the ACL for the three months ended March 31, 2026:
Three Months Ended March 31, 2026
(dollars in millions)CommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,058 $885 $1,943 
Charge-offs(91)(92)(183)
Recoveries18 27 45 
Net charge-offs(73)(65)(138)
Provision expense (benefit) for loans and leases130 23 153 
Allowance for loan and lease losses, end of period1,115 843 1,958 
Allowance for unfunded lending commitments, beginning of period194 46 240 
Provision expense (benefit) for unfunded lending commitments(5)(8)(13)
Allowance for unfunded lending commitments, end of period189 38 227 
Total allowance for credit losses, end of period$1,304 $881 $2,185 
The following table presents a summary of changes in the ACL for the three months ended March 31, 2025:
Three Months Ended March 31, 2025
(dollars in millions)CommercialRetailTotal
Allowance for loan and lease losses, beginning of period$1,140 $921 $2,061 
Charge-offs
(85)(149)(234)
Recoveries4 30 34 
Net charge-offs(81)(119)(200)
Provision expense (benefit) for loans and leases
89 64 153 
Allowance for loan and lease losses, end of period1,148 866 2,014 
Allowance for unfunded lending commitments, beginning of period155 43 198 
Provision expense (benefit) for unfunded lending commitments9 (9)— 
Allowance for unfunded lending commitments, end of period164 34 198 
Total allowance for credit losses, end of period$1,312 $900 $2,212 
The following tables present gross charge-offs by vintage date for the Company’s loan and lease portfolios:
Three Months Ended March 31, 2026
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20262025202420232022Prior to 2022Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
$— $1 $1 $18 $— $1 $29 $— $50 
Commercial real estate
— — — 12 — 29 — — 41 
Total commercial
— 1 1 30 — 30 29 — 91 
Residential mortgages— — — — — 1 — — 1 
Home equity— — — — — 1 5 — 6 
Automobile— — — 1 4 4 — — 9 
Education— 1 1 2 4 14 — — 22 
Other retail3 9 3 2 2 2 33 — 54 
Total retail3 10 4 5 10 22 38 — 92 
Total loans and leases$3 $11 $5 $35 $10 $52 $67 $— $183 
Three Months Ended March 31, 2025
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
$— $— $1 $2 $22 $— $9 $— $34 
Commercial real estate
— — — 8 — 43 — — 51 
Total commercial
— — 1 10 22 43 9 — 85 
Residential mortgages— — — — — 1 — — 1 
Home equity— — — — — 1 4 — 5 
Automobile— — 2 7 7 4 — — 20 
Education— 1 2 5 13 35 — — 56 
Other retail4 15 8 4 2 2 32 — 67 
Total retail4 16 12 16 22 43 36 — 149 
Total loans and leases$4 $16 $13 $26 $44 $86 $45 $— $234 
Schedule of classes of loans and leases, amortized cost basis by credit quality indicator
The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of March 31, 2026:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20262025202420232022Prior to 2022Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$1,785 $8,360 $3,783 $1,054 $1,953 $2,726 $28,106 $46 $47,813 
Special Mention— 27 5 32 80 200 452 4 800 
Substandard Accrual
— 31 28 107 157 416 745 22 1,506 
Nonaccrual
— 1 3 15 46 72 45 6 188 
Total commercial and industrial1,785 8,419 3,819 1,208 2,236 3,414 29,348 78 50,307 
Commercial real estate
Pass1,789 4,082 1,597 570 3,110 8,065 1,494 4 20,711 
Special Mention— — 2 6 645 362 72 — 1,087 
Substandard Accrual
— 3 58 31 462 1,117 28 106 1,805 
Nonaccrual
— — — 3 190 483 1 2 679 
Total commercial real estate1,789 4,085 1,657 610 4,407 10,027 1,595 112 24,282 
Total commercial
Pass3,574 12,442 5,380 1,624 5,063 10,791 29,600 50 68,524 
Special Mention— 27 7 38 725 562 524 4 1,887 
Substandard Accrual
— 34 86 138 619 1,533 773 128 3,311 
Nonaccrual
— 1 3 18 236 555 46 8 867 
Total commercial$3,574 $12,504 $5,476 $1,818 $6,643 $13,441 $30,943 $190 $74,589 
The following table presents the amortized cost basis of commercial loans and leases by vintage date and internal risk rating as of December 31, 2025:
Term Loans and Leases by Origination Year
Revolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Commercial and industrial
Pass$8,889 $3,985 $1,196 $2,415 $1,174 $1,966 $26,951 $77 $46,653 
Special Mention13 5 42 141 174 124 359 4 862 
Substandard Accrual
13 16 104 132 145 258 752 20 1,440 
Nonaccrual
— 4 15 57 17 72 107 5 277 
Total commercial and industrial8,915 4,010 1,357 2,745 1,510 2,420 28,169 106 49,232 
Commercial real estate
Pass4,769 1,827 722 3,712 3,680 4,805 1,346 4 20,865 
Special Mention— 2 7 729 294 166 73 — 1,271 
Substandard Accrual
— — 34 577 167 915 27 106 1,826 
Nonaccrual
— — 3 127 41 442 1 4 618 
Total commercial real estate4,769 1,829 766 5,145 4,182 6,328 1,447 114 24,580 
Total commercial
Pass13,658 5,812 1,918 6,127 4,854 6,771 28,297 81 67,518 
Special Mention13 7 49 870 468 290 432 4 2,133 
Substandard Accrual
13 16 138 709 312 1,173 779 126 3,266 
Nonaccrual
— 4 18 184 58 514 108 9 895 
Total commercial$13,684 $5,839 $2,123 $7,890 $5,692 $8,748 $29,616 $220 $73,812 
The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of March 31, 2026:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20262025202420232022Prior to 2022Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$296 $2,433 $1,616 $1,263 $3,238 $10,967 $— $— $19,813 
740-799683 2,078 880 603 1,346 4,628 — — 10,218 
680-739148 451 253 237 467 1,711 — — 3,267 
620-67912 79 72 74 138 610 — — 985 
<620— 11 18 135 140 803 — — 1,107 
No FICO available(1)
— — — — 3 11 — — 14 
Total residential mortgages1,139 5,052 2,839 2,312 5,332 18,730 — — 35,404 
Home equity
800+— — 3 4 7 70 6,895 193 7,172 
740-799— 1 2 3 4 50 6,200 219 6,479 
680-739— — 3 3 4 36 3,498 200 3,744 
620-679— — — 1 2 19 908 156 1,086 
<620— — — 4 2 18 607 331 962 
No FICO available(1)
— 1 — — 2 3 — — 6 
Total home equity— 2 8 15 21 196 18,108 1,099 19,449 
Automobile
800+— — — 41 186 287 — — 514 
740-799— — — 49 195 247 — — 491 
680-739— — — 45 152 165 — — 362 
620-679— — — 27 90 97 — — 214 
<620— — — 35 118 129 — — 282 
No FICO available(1)
— — — — — — — — — 
Total automobile— — — 197 741 925 — — 1,863 
Education
800+65 360 257 289 501 2,686 — — 4,158 
740-79989 442 251 248 357 1,238 — — 2,625 
680-73934 183 118 113 149 466 — — 1,063 
620-6793 35 39 40 47 156 — — 320 
<620— 9 15 18 21 85 — — 148 
No FICO available(1)
— — — — — 26 — — 26 
Total education191 1,029 680 708 1,075 4,657 — — 8,340 
Other retail
800+8 109 46 28 31 16 506 — 744 
740-79910 106 61 36 33 26 797 — 1,069 
680-7399 73 46 31 28 26 729 1 943 
620-6796 42 22 17 23 16 264 — 390 
<6201 17 16 14 31 19 185 — 283 
No FICO available(1)
11 2 — — — 1 579 — 593 
Total other retail45 349 191 126 146 104 3,060 1 4,022 
Total retail
800+369 2,902 1,922 1,625 3,963 14,026 7,401 193 32,401 
740-799782 2,627 1,194 939 1,935 6,189 6,997 219 20,882 
680-739191 707 420 429 800 2,404 4,227 201 9,379 
620-67921 156 133 159 300 898 1,172 156 2,995 
<6201 37 49 206 312 1,054 792 331 2,782 
No FICO available(1)
11 3 — — 5 41 579 — 639 
Total retail$1,375 $6,432 $3,718 $3,358 $7,315 $24,612 $21,168 $1,100 $69,078 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
The following table presents the amortized cost basis of retail loans by vintage date and current FICO score as of December 31, 2025:
Term Loans by Origination YearRevolving Loans
(dollars in millions)20252024202320222021Prior to 2021Within the Revolving PeriodConverted to TermTotal
Residential mortgages
800+$2,075 $1,664 $1,290 $3,276 $4,919 $6,099 $— $— $19,323 
740-7992,377 960 656 1,375 2,004 2,759 — — 10,131 
680-739621 324 239 483 646 1,136 — — 3,449 
620-67974 74 80 141 169 491 — — 1,029 
<6206 18 135 130 184 605 — — 1,078 
No FICO available(1)
— — — 3 1 10 — — 14 
Total residential mortgages5,153 3,040 2,400 5,408 7,923 11,100 — — 35,024 
Home equity
800+— 2 3 5 6 66 6,686 193 6,961 
740-799— 4 3 4 3 49 6,148 217 6,428 
680-739— 3 3 4 3 36 3,453 193 3,695 
620-679— — 2 2 2 16 900 162 1,084 
<620— — 4 2 2 14 554 321 897 
No FICO available(1)
— 1 — — — 2 1 — 4 
Total home equity— 10 15 17 16 183 17,742 1,086 19,069 
Automobile
800+— — 47 224 316 63 — — 650 
740-799— — 58 233 266 61 — — 618 
680-739— — 53 180 175 41 — — 449 
620-679— — 30 107 98 25 — — 260 
<620— — 39 133 127 34 — — 333 
No FICO available(1)
— — — — — — — — — 
Total automobile— — 227 877 982 224 — — 2,310 
Education
800+287 271 311 517 1,002 1,817 — — 4,205 
740-799393 268 268 385 459 886 — — 2,659 
680-739160 125 120 161 160 335 — — 1,061 
620-67923 40 42 48 46 119 — — 318 
<6205 13 17 25 23 61 — — 144 
No FICO available(1)
2 — — — — 27 — — 29 
Total education870 717 758 1,136 1,690 3,245 — — 8,416 
Other retail
800+127 60 31 31 9 9 508 — 775 
740-799132 82 43 33 9 19 793 — 1,111 
680-73993 62 36 30 8 20 733 1 983 
620-67954 30 20 22 6 11 271 — 414 
<62016 21 17 29 8 10 190 — 291 
No FICO available(1)
4 — — — — 2 481 — 487 
Total other retail426 255 147 145 40 71 2,976 1 4,061 
Total retail
800+2,489 1,997 1,682 4,053 6,252 8,054 7,194 193 31,914 
740-7992,902 1,314 1,028 2,030 2,741 3,774 6,941 217 20,947 
680-739874 514 451 858 992 1,568 4,186 194 9,637 
620-679151 144 174 320 321 662 1,171 162 3,105 
<62027 52 212 319 344 724 744 321 2,743 
No FICO available(1)
6 1 — 3 1 41 482 — 534 
Total retail$6,449 $4,022 $3,547 $7,583 $10,651 $14,823 $20,718 $1,087 $68,880 
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Schedule of nonaccrual loans and leases and loans accruing and 90 days or more past due
The following tables present an aging analysis of accruing and nonaccrual loans and leases:
March 31, 2026
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$49,984 $122 $12 $1 $188 $50,307 $21 
Commercial real estate23,147 373 57 26 679 24,282 53 
Total commercial73,131 495 69 27 867 74,589 74 
Residential mortgages
34,903 70 35 179 217 35,404 140 
Home equity18,987 105 33 — 324 19,449 204 
Automobile1,776 49 15 — 23 1,863 3 
Education8,266 33 18 2 21 8,340 6 
Other retail3,926 31 20 — 45 4,022 1 
Total retail67,858 288 121 181 630 69,078 354 
Total$140,989 $783 $190 $208 $1,497 $143,667 $428 
Guaranteed residential mortgages(1)
$725 $28 $19 $179 $— $951 $— 
December 31, 2025
Days Past Due and Accruing
(dollars in millions)Current30-5960-8990+Nonaccrual TotalNonaccrual with no related ACL
Commercial and industrial$48,873 $63 $14 $5 $277 $49,232 $34 
Commercial real estate23,700 184 58 20 618 24,580 85 
Total commercial72,573 247 72 25 895 73,812 119 
Residential mortgages
34,547 93 47 141 196 35,024 155 
Home equity18,626 95 28 1 319 19,069 215 
Automobile2,203 59 20 — 28 2,310 4 
Education8,342 36 16 2 20 8,416 2 
Other retail3,957 35 23 — 46 4,061 1 
Total retail67,675 318 134 144 609 68,880 377 
Total$140,248 $565 $206 $169 $1,504 $142,692 $496 
Guaranteed residential mortgages(1)
$743 $53 $27 $141 $— $964 $— 
(1) Guaranteed residential mortgages represent loans fully or partially guaranteed or insured by the FHA, VA, and USDA, and are included in the amounts presented for Residential mortgages.
Troubled debt restructurings on financing receivables
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2026 and 2025, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs received during the indicated period.
Three Months Ended March 31, 2026
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$1 $78 $45 $1 $21 $146 0.29 %
Commercial real estate— 131 36 — 33 200 0.82 
Total commercial1 209 81 1 54 346 0.46 
Residential mortgages— 12 6 3 1 22 0.06 
Home equity— — 4 4 — 8 0.04 
Education2 — — — — 2 0.02 
Other retail6 — — — — 6 0.15 
Total retail8 12 10 7 1 38 0.06 
Total
$9 $221 $91 $8 $55 $384 0.27 %
Three Months Ended March 31, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment DelayTotal
Total as a % of Loan Class(1)
Commercial and industrial$32 $141 $2 $— $1 $176 0.40 %
Commercial real estate10 172 73 — 25 280 1.05 
Total commercial42 313 75 — 26 456 0.65 
Residential mortgages1 15 2 4 1 23 0.07 
Home equity1 — 2 1 — 4 0.02 
Education2 — — — — 2 0.02 
Other retail6 — — — — 6 0.14 
Total retail10 15 4 5 1 35 0.05 
Total
$52 $328 $79 $5 $27 $491 0.36 %
(1) Represents the total amortized cost as of period-end divided by the period-end amortized cost of the corresponding loan class. Accrued interest receivable is excluded from amortized cost and is immaterial.
The following tables present the financial effect of loans to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2026 and 2025, disaggregated by class of financing receivable:
Three Months Ended March 31, 2026
(dollars in millions)
Weighted-Average Interest Rate Reduction(1)
Weighted-Average Term Extension (in Months)(1)
Weighted-Average Payment Deferral(1)
Amount of Principal Forgiven(2)
Commercial and industrial2.54 %21$1 $— 
Commercial real estate— 122 — 
Residential mortgages0.80 115— — 
Home equity2.90 188— — 
Education4.40 — — — 
Other retail19.42 — — 4 
Three Months Ended March 31, 2025
(dollars in millions)
Weighted-Average Interest Rate Reduction(1)
Weighted-Average Term Extension (in Months)(1)
Weighted-Average Payment Deferral(1)
Amount of Principal Forgiven(2)
Commercial and industrial0.81 %10$— $— 
Commercial real estate0.75 101 — 
Residential mortgages0.98 111— — 
Home equity4.55 74— — 
Education4.96 — — — 
Other retail20.30 — — 2 
(1) Weighted based on period-end amortized cost.
(2) Amounts are recorded as charge-offs.
The following tables present an aging analysis of the period-end amortized cost of loans to borrowers experiencing financial difficulty that were modified during the twelve-month periods ended March 31, 2026 and 2025, disaggregated by class of financing receivable. A loan in a forbearance or repayment plan is reported as past due according to its contractual terms until contractually modified. Subsequent to modification, it is reported as past due based on its restructured terms.
March 31, 2026
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$402 $80 $— $— $26 $508 
Commercial real estate763 94 51 20 231 1,159 
Total commercial1,165 174 51 20 257 1,667 
Residential mortgages41 4 4 34 22 105 
Home equity8 — — — 28 36 
Education10 — — — 1 11 
Other retail14 2 1 — 1 18 
Total retail73 6 5 34 52 170 
Total$1,238 $180 $56 $54 $309 $1,837 
March 31, 2025
Days Past Due and Accruing
(dollars in millions)Current30-5960-89 90+Nonaccrual Total
Commercial and industrial$311 $17 $— $3 $51 $382 
Commercial real estate380 33 — — 385 798 
Total commercial691 50 — 3 436 1,180 
Residential mortgages51 4 3 17 19 94 
Home equity9 — 1 — 12 22 
Education8 — — — 1 9 
Other retail13 2 1 — 1 17 
Total retail81 6 5 17 33 142 
Total$772 $56 $5 $20 $469 $1,322 
Financing receivable, modified, subsequent default
The following tables present the period-end amortized cost of loans to borrowers experiencing financial difficulty that defaulted during the period presented and were modified within the previous 12 months preceding the default, disaggregated by class of financing receivable and modification type. The modification type reflects the cumulative effect of all FDMs at the time of default. A loan is considered to be in default if, subsequent to modification, it becomes 90 or more days past due or is placed on nonaccrual status.
Three Months Ended March 31, 2026
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTerm Extension and Payment Delay
Interest Rate Reduction, Term Extension, and Payment Delay
Total
Commercial and industrial$— $— $— $— $— $— $— 
Commercial real estate— 69 — — — — 69 
Total commercial— 69 — — — — 69 
Residential mortgages— 8 1 3 1 1 14 
Home equity— — — — — — — 
Education— — — — — — — 
Other retail1 — — — — — 1 
Total retail1 8 1 3 1 1 15 
Total$1 $77 $1 $3 $1 $1 $84 
Three Months Ended March 31, 2025
(dollars in millions)Interest Rate ReductionTerm ExtensionPayment DelayInterest Rate Reduction and Term ExtensionTotal
Commercial and industrial$— $— $— $— $— 
Commercial real estate— 71 — — 71 
Total commercial— 71 — — 71 
Residential mortgages— 5 1 2 8 
Home equity1 — — 1 2 
Education— — — — — 
Other retail1 — — — 1 
Total retail2 5 1 3 11 
Total$2 $76 $1 $3 $82