|
Note 8
Allowance for Credit Losses
The following table summarizes the changes in the allowance for credit losses for 2005, 2004 and 2003:
|
| (Dollars in millions) |
|
2005
|
| 2004
|
| 2003
|
|
| Allowance for loan and lease losses, January 1 |
|
$ |
8,626 |
|
|
$ |
6,163 |
| $ |
6,358 |
|
| FleetBoston balance, April 1, 2004 |
|
|
— |
|
| 2,763 |
| — |
|
| Loans and leases charged off |
|
|
(5,794) |
| (4,092) |
| (3,867) |
|
| Recoveries of loans and leases previously charged off |
|
|
1,232 |
|
| 979 |
| 761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net charge-offs |
|
|
(4,562) |
| (3,113) |
| (3,106) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provision for loan and lease losses |
|
|
4,021 |
|
| 2,868 |
| 2,916 |
|
| Transfers |
|
|
(40) |
| (55) |
| (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for loan and lease losses, December 31 |
|
|
8,045 |
|
| 8,626 |
| 6,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reserve for unfunded lending commitments, January 1 |
|
|
402 |
|
| 416 |
| 493 |
|
| FleetBoston balance, April 1, 2004 |
|
|
— |
|
| 85 |
| — |
|
| Provision for unfunded lending commitments |
|
|
(7) |
| (99) |
| (77) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reserve for unfunded lending commitments, December 31 |
|
|
395 |
|
| 402 |
| 416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Allowance for Credit Losses |
|
$ |
8,440 |
|
|
$ |
9,028 |
| $ |
6,579 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
