|
Note 7
Allowance for Credit Losses
The following table summarizes the changes in the allowance for credit losses for 2004, 2003 and 2002:
(Dollars in millions) |
2004 |
2003 |
2002 |
|  |
| Allowance for loan and lease losses, January 1 |
$ 6,163 |
$ 6,358 |
$ 6,278 |
| FleetBoston balance, April 1, 2004 |
2,763 |
- |
- |
| Loans and leases charged off |
(4,092) |
(3,867) |
(4,460) |
| Recoveries of loans and leases previously charged off |
979 |
761 |
763 |
|
| Net charge-offs |
(3,113) |
(3,106) |
(3,697) |
|
| Provision for loan and lease losses |
2,868 |
2,916 |
3,801 |
| Transfers (1) |
(55) |
(5) |
(24) |
|
| Allowance for loan and lease losses, December 31 |
8,626 |
6,163 |
6,358 |
|
| Reserve for unfunded lending commitments, January 1 |
416 |
493 |
597 |
| FleetBoston balance, April 1, 2004 |
85 |
- |
- |
| Provision for unfunded lending commitments |
(99) |
(77) |
(104) |
|
| Reserve for unfunded lending commitments, December 31 |
402 |
416 |
493 |
|
| Total |
$ 9,028 |
$ 6,579 |
$ 6,851 |
|
|
|
|
|
|
