Bank of America 2015 Annual Report Download - page 114

112 Bank of America 2015
Table V Allowance for Credit Losses
(Dollars in millions) 2015 2014 2013 2012 2011
Allowance for loan and lease losses, January 1 $ 14,419 $ 17,428 $ 24,179 $ 33,783 $ 41,885
Loans and leases charged off
Residential mortgage (866) (855) (1,508) (3,276) (4,294)
Home equity (975) (1,364) (2,258) (4,573) (4,997)
U.S. credit card (2,738)(3,068) (4,004) (5,360) (8,114)
Non-U.S. credit card (275) (357) (508) (835) (1,691)
Direct/Indirect consumer (383) (456) (710) (1,258) (2,190)
Other consumer (224) (268) (273) (274) (252)
Total consumer charge-offs (5,461)(6,368) (9,261) (15,576) (21,538)
U.S. commercial (1) (536) (584) (774) (1,309) (1,690)
Commercial real estate (30) (29) (251) (719) (1,298)
Commercial lease financing (19) (10) (4) (32) (61)
Non-U.S. commercial (59) (35) (79) (36) (155)
Total commercial charge-offs (644) (658) (1,108) (2,096) (3,204)
Total loans and leases charged off (6,105)(7,026) (10,369) (17,672) (24,742)
Recoveries of loans and leases previously charged off
Residential mortgage 393 969 424 165 377
Home equity 339 457 455 331 517
U.S. credit card 424 430 628 728 838
Non-U.S. credit card 87 115 109 254 522
Direct/Indirect consumer 271 287 365 495 714
Other consumer 31 39 39 42 50
Total consumer recoveries 1,545 2,297 2,020 2,015 3,018
U.S. commercial (2) 172 214 287 368 500
Commercial real estate 35 112 102 335 351
Commercial lease financing 10 19 29 38 37
Non-U.S. commercial 51 34 8 3
Total commercial recoveries 222 346 452 749 891
Total recoveries of loans and leases previously charged off 1,767 2,643 2,472 2,764 3,909
Net charge-offs (4,338)(4,383) (7,897) (14,908) (20,833)
Write-offs of PCI loans (808) (810) (2,336) (2,820) —
Provision for loan and lease losses 3,043 2,231 3,574 8,310 13,629
Other (3) (82) (47) (92) (186) (898)
Allowance for loan and lease losses, December 31 12,234 14,419 17,428 24,179 33,783
Reserve for unfunded lending commitments, January 1 528 484 513 714 1,188
Provision for unfunded lending commitments 118 44 (18) (141) (219)
Other (4) —— (11) (60) (255)
Reserve for unfunded lending commitments, December 31 646 528 484 513 714
Allowance for credit losses, December 31 $ 12,880 $ 14,947 $ 17,912 $ 24,692 $ 34,497
(1) Includes U.S. small business commercial charge-offs of $282 million, $345 million, $457 million, $799 million and $1.1 billion in 2015, 2014, 2013, 2012 and 2011, respectively.
(2) Includes U.S. small business commercial recoveries of $57 million, $63 million, $98 million, $100 million and $106 million in 2015, 2014, 2013, 2012 and 2011, respectively.
(3) Primarily represents the net impact of portfolio sales, consolidations and deconsolidations, and foreign currency translation adjustments. In addition, the 2011 amount includes a $449 million
reduction in the allowance for loan and lease losses related to Canadian consumer card loans that were transferred to LHFS.
(4) Primarily represents accretion of the Merrill Lynch purchase accounting adjustment and the impact of funding previously unfunded positions.