Annual report pursuant to Section 13 and 15(d)

ALLOWANCE FOR CREDIT LOSSES (Tables)

v3.20.4
ALLOWANCE FOR CREDIT LOSSES (Tables)
 12 Months Ended
Dec. 31, 2020
Credit Loss [Abstract]  
Allowance Roll-forward
The following table presents ALLL and AULC activity by portfolio segment for the years ended December 31, 2020, 2019, and 2018:
(dollar amounts in millions) Commercial Consumer Total
Year ended December 31, 2020:
ALLL balance, beginning of period $ 552  $ 231  $ 783 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) 180  211  391 
Loan charge-offs (374) (166) (540)
Recoveries of loans previously charged-off 32  59  91 
Provision for loan and lease losses 846  243  1,089 
ALLL balance, end of period
 $ 1,236  $ 578  $ 1,814 
AULC balance, beginning of period $ 102  $ 2  $ 104 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) (38) 40  2 
Provision (reduction in allowance) for unfunded loan commitments
and letters of credit
 (17) (24) (41)
Unfunded commitment losses (13) —  (13)
AULC balance, end of period $ 34  $ 18  $ 52 
ACL balance, end of period $ 1,270  $ 596  $ 1,866 
Year ended December 31, 2019:
ALLL balance, beginning of period $ 542  $ 230  $ 772 
Loan charge-offs (165) (197) (362)
Recoveries of loans previously charged-off 40  57  97 
Provision for loan and lease losses 135  142  277 
Allowance for loans sold or transferred to loans held for sale —  (1) (1)
ALLL balance, end of period $ 552  $ 231  $ 783 
AULC balance, beginning of period $ 94  $ 2  $ 96 
Provision (reduction in allowance) for unfunded loan commitments
and letters of credit
 10  —  10 
Unfunded commitment losses (2) —  (2)
AULC balance, end of period $ 102  $ 2  $ 104 
ACL balance, end of period $ 654  $ 233  $ 887 
 
Year ended December 31, 2018:
ALLL balance, beginning of period $ 482  $ 209  $ 691 
Loan charge-offs (79) (189) (268)
Recoveries of loans previously charged-off 65  58  123 
Provision for loan and lease losses 74  152  226 
ALLL balance, end of period $ 542  $ 230  $ 772 
AULC balance, beginning of period $ 84  $ 3  $ 87 
Provision (reduction in allowance) for unfunded loan commitments
and letters of credit
 10  (1) 9 
AULC balance, end of period $ 94  $ 2  $ 96 
ACL balance, end of period $ 636  $ 232  $ 868 
(1)Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13.