Outstanding Loans and Leases (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| Receivables [Abstract] |
|
| Schedule of Loans and Leases Outstanding |
The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2019 and December 31, 2018.
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30-59 Days Past Due (1)
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60-89 Days Past Due (1)
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90 Days or
More
Past Due (2)
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Total Past
Due 30 Days
or More
|
|
Total Current or Less Than 30 Days Past Due (3)
|
|
Loans Accounted for Under the Fair Value Option |
|
Total
Outstandings
|
(Dollars in millions) |
September 30, 2019 |
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
1,156 |
|
|
$ |
232 |
|
|
$ |
665 |
|
|
$ |
2,053 |
|
|
$ |
214,170 |
|
|
|
|
$ |
216,223 |
|
Home equity |
145 |
|
|
63 |
|
|
202 |
|
|
410 |
|
|
35,706 |
|
|
|
|
36,116 |
|
Non-core portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
491 |
|
|
211 |
|
|
1,390 |
|
|
2,092 |
|
|
9,157 |
|
|
|
|
11,249 |
|
Home equity |
41 |
|
|
19 |
|
|
88 |
|
|
148 |
|
|
5,310 |
|
|
|
|
5,458 |
|
Credit card and other consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
564 |
|
|
413 |
|
|
960 |
|
|
1,937 |
|
|
93,009 |
|
|
|
|
94,946 |
|
Direct/Indirect consumer (4)
|
271 |
|
|
80 |
|
|
31 |
|
|
382 |
|
|
90,454 |
|
|
|
|
90,836 |
|
Other consumer |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
208 |
|
|
|
|
208 |
|
Total consumer |
2,668 |
|
|
1,018 |
|
|
3,336 |
|
|
7,022 |
|
|
448,014 |
|
|
|
|
455,036 |
|
Consumer loans accounted for under the fair value option (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
640 |
|
|
640 |
|
Total consumer loans and leases |
2,668 |
|
|
1,018 |
|
|
3,336 |
|
|
7,022 |
|
|
448,014 |
|
|
640 |
|
|
455,676 |
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
589 |
|
|
222 |
|
|
624 |
|
|
1,435 |
|
|
309,547 |
|
|
|
|
310,982 |
|
Non-U.S. commercial |
60 |
|
|
9 |
|
|
10 |
|
|
79 |
|
|
101,005 |
|
|
|
|
101,084 |
|
Commercial real estate (6)
|
135 |
|
|
12 |
|
|
23 |
|
|
170 |
|
|
62,628 |
|
|
|
|
62,798 |
|
Commercial lease financing |
31 |
|
|
14 |
|
|
47 |
|
|
92 |
|
|
20,015 |
|
|
|
|
20,107 |
|
U.S. small business commercial |
84 |
|
|
52 |
|
|
102 |
|
|
238 |
|
|
14,991 |
|
|
|
|
15,229 |
|
Total commercial |
899 |
|
|
309 |
|
|
806 |
|
|
2,014 |
|
|
508,186 |
|
|
|
|
510,200 |
|
Commercial loans accounted for under the fair value option (5)
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|
7,034 |
|
|
7,034 |
|
Total commercial loans and leases |
899 |
|
|
309 |
|
|
806 |
|
|
2,014 |
|
|
508,186 |
|
|
7,034 |
|
|
517,234 |
|
Total loans and leases (7)
|
$ |
3,567 |
|
|
$ |
1,327 |
|
|
$ |
4,142 |
|
|
$ |
9,036 |
|
|
$ |
956,200 |
|
|
$ |
7,674 |
|
|
$ |
972,910 |
|
Percentage of outstandings |
0.37 |
% |
|
0.14 |
% |
|
0.42 |
% |
|
0.93 |
% |
|
98.28 |
% |
|
0.79 |
% |
|
100.00 |
% |
|
|
(1) |
Consumer real estate loans 30-59 days past due includes fully-insured loans of $510 million and nonperforming loans of $149 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $206 million and nonperforming loans of $116 million.
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(2) |
Consumer real estate includes fully-insured loans of $1.2 billion.
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(3) |
Consumer real estate includes $852 million and direct/indirect consumer includes $51 million of nonperforming loans.
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(4) |
Total outstandings includes auto and specialty lending loans and leases of $50.3 billion, unsecured consumer lending loans of $328 million, U.S. securities-based lending loans of $36.5 billion, non-U.S. consumer loans of $3.0 billion and other consumer loans of $694 million.
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(5) |
Consumer loans accounted for under the fair value option includes residential mortgage loans of $275 million and home equity loans of $365 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.7 billion and non-U.S. commercial loans of $2.4 billion. For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
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(6) |
Total outstandings includes U.S. commercial real estate loans of $58.1 billion and non-U.S. commercial real estate loans of $4.7 billion.
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(7) |
Total outstandings includes loans and leases pledged as collateral of $29.6 billion. The Corporation also pledged $165.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank (FHLB).
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30-59 Days
Past Due (1)
|
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60-89 Days Past Due (1)
|
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90 Days or
More
Past Due (2)
|
|
Total Past
Due 30 Days
or More |
|
Total
Current or
Less Than
30 Days
Past Due (3)
|
|
Loans
Accounted
for Under
the Fair
Value Option
|
|
Total Outstandings |
(Dollars in millions) |
December 31, 2018 |
Consumer real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Core portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
1,188 |
|
|
$ |
249 |
|
|
$ |
793 |
|
|
$ |
2,230 |
|
|
$ |
191,465 |
|
|
|
|
|
$ |
193,695 |
|
Home equity |
200 |
|
|
85 |
|
|
387 |
|
|
672 |
|
|
39,338 |
|
|
|
|
|
40,010 |
|
Non-core portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
757 |
|
|
309 |
|
|
2,201 |
|
|
3,267 |
|
|
11,595 |
|
|
|
|
|
14,862 |
|
Home equity |
139 |
|
|
69 |
|
|
339 |
|
|
547 |
|
|
7,729 |
|
|
|
|
|
8,276 |
|
Credit card and other consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
577 |
|
|
418 |
|
|
994 |
|
|
1,989 |
|
|
96,349 |
|
|
|
|
|
98,338 |
|
Direct/Indirect consumer (4)
|
317 |
|
|
90 |
|
|
40 |
|
|
447 |
|
|
90,719 |
|
|
|
|
|
91,166 |
|
Other consumer (5)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
202 |
|
|
|
|
|
202 |
|
Total consumer |
3,178 |
|
|
1,220 |
|
|
4,754 |
|
|
9,152 |
|
|
437,397 |
|
|
|
|
446,549 |
|
Consumer loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
$ |
682 |
|
|
682 |
|
Total consumer loans and leases |
3,178 |
|
|
1,220 |
|
|
4,754 |
|
|
9,152 |
|
|
437,397 |
|
|
682 |
|
|
447,231 |
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
594 |
|
|
232 |
|
|
573 |
|
|
1,399 |
|
|
297,878 |
|
|
|
|
|
299,277 |
|
Non-U.S. commercial |
1 |
|
|
49 |
|
|
— |
|
|
50 |
|
|
98,726 |
|
|
|
|
|
98,776 |
|
Commercial real estate (7)
|
29 |
|
|
16 |
|
|
14 |
|
|
59 |
|
|
60,786 |
|
|
|
|
|
60,845 |
|
Commercial lease financing |
124 |
|
|
114 |
|
|
37 |
|
|
275 |
|
|
22,259 |
|
|
|
|
|
22,534 |
|
U.S. small business commercial |
83 |
|
|
54 |
|
|
96 |
|
|
233 |
|
|
14,332 |
|
|
|
|
|
14,565 |
|
Total commercial |
831 |
|
|
465 |
|
|
720 |
|
|
2,016 |
|
|
493,981 |
|
|
|
|
|
495,997 |
|
Commercial loans accounted for under the fair value option (6)
|
|
|
|
|
|
|
|
|
|
|
3,667 |
|
|
3,667 |
|
Total commercial loans and leases |
831 |
|
|
465 |
|
|
720 |
|
|
2,016 |
|
|
493,981 |
|
|
3,667 |
|
|
499,664 |
|
Total loans and leases (8)
|
$ |
4,009 |
|
|
$ |
1,685 |
|
|
$ |
5,474 |
|
|
$ |
11,168 |
|
|
$ |
931,378 |
|
|
$ |
4,349 |
|
|
$ |
946,895 |
|
Percentage of outstandings |
0.42 |
% |
|
0.18 |
% |
|
0.58 |
% |
|
1.18 |
% |
|
98.36 |
% |
|
0.46 |
% |
|
100.00 |
% |
|
|
(1) |
Consumer real estate loans 30-59 days past due includes fully-insured loans of $637 million and nonperforming loans of $217 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $269 million and nonperforming loans of $146 million.
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|
(2) |
Consumer real estate includes fully-insured loans of $1.9 billion.
|
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|
(3) |
Consumer real estate includes $1.8 billion and direct/indirect consumer includes $53 million of nonperforming loans.
|
|
|
(4) |
Total outstandings includes auto and specialty lending loans and leases of $50.1 billion, unsecured consumer lending loans of $383 million, U.S. securities-based lending loans of $37.0 billion, non-U.S. consumer loans of $2.9 billion and other consumer loans of $746 million.
|
|
|
(5) |
Substantially all of other consumer is consumer overdrafts. |
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(6) |
Consumer loans accounted for under the fair value option includes residential mortgage loans of $336 million and home equity loans of $346 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.5 billion and non-U.S. commercial loans of $1.1 billion. For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
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|
(7) |
Total outstandings includes U.S. commercial real estate loans of $56.6 billion and non-U.S. commercial real estate loans of $4.2 billion.
|
(8)
Total outstandings includes loans and leases pledged as collateral of $36.7 billion. The Corporation also pledged $166.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and FHLB.
|
| Schedule of Financing Receivables, Non Accrual Status |
The table below presents the Corporation’s nonperforming loans and leases including nonperforming TDRs, and loans accruing past due 90 days or more at September 30, 2019 and December 31, 2018. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For more information on the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2018 Annual Report on Form 10-K.
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Credit Quality |
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Nonperforming Loans
and Leases
|
|
Accruing Past Due
90 Days or More
|
(Dollars in millions) |
September 30
2019 |
|
December 31
2018 |
|
September 30
2019 |
|
December 31
2018 |
Consumer real estate |
|
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|
|
|
|
|
|
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|
Core portfolio |
|
|
|
|
|
|
|
Residential mortgage (1)
|
$ |
930 |
|
|
$ |
1,010 |
|
|
$ |
186 |
|
|
$ |
274 |
|
Home equity |
380 |
|
|
955 |
|
|
— |
|
|
— |
|
Non-core portfolio |
|
|
|
|
|
|
|
|
|
|
Residential mortgage (1)
|
621 |
|
|
883 |
|
|
1,017 |
|
|
1,610 |
|
Home equity |
205 |
|
|
938 |
|
|
— |
|
|
— |
|
Credit card and other consumer |
|
|
|
|
|
|
|
|
|
U.S. credit card |
n/a |
|
|
n/a |
|
|
960 |
|
|
994 |
|
Direct/Indirect consumer |
53 |
|
|
56 |
|
|
29 |
|
|
38 |
|
Total consumer |
2,189 |
|
|
3,842 |
|
|
2,192 |
|
|
2,916 |
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
966 |
|
|
794 |
|
|
338 |
|
|
197 |
|
Non-U.S. commercial |
51 |
|
|
80 |
|
|
10 |
|
|
— |
|
Commercial real estate |
185 |
|
|
156 |
|
|
3 |
|
|
4 |
|
Commercial lease financing |
35 |
|
|
18 |
|
|
22 |
|
|
29 |
|
U.S. small business commercial |
50 |
|
|
54 |
|
|
94 |
|
|
84 |
|
Total commercial |
1,287 |
|
|
1,102 |
|
|
467 |
|
|
314 |
|
Total loans and leases |
$ |
3,476 |
|
|
$ |
4,944 |
|
|
$ |
2,659 |
|
|
$ |
3,230 |
|
|
|
(1) |
Residential mortgage loans in the core and non-core portfolios accruing past due 90 days or more are fully-insured loans. At September 30, 2019 and December 31, 2018, residential mortgage includes $858 million and $1.4 billion of loans on which interest has been curtailed by the Federal Housing Administration (FHA) and therefore are no longer accruing interest, although principal is still insured, and $345 million and $498 million of loans on which interest is still accruing.
|
n/a = not applicable
|
| Financing Receivable Credit Quality Indicators |
The following tables present certain credit quality indicators for the Corporation’s Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2019 and December 31, 2018.
|
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|
|
|
|
|
|
|
|
|
|
Consumer Real Estate – Credit Quality Indicators (1)
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Residential Mortgage |
|
Non-core Residential Mortgage |
|
Core
Home Equity
|
|
Non-core Home Equity |
|
Core Residential Mortgage |
|
Non-core Residential Mortgage |
|
Core
Home Equity
|
|
Non-core Home Equity |
(Dollars in millions) |
September 30, 2019 |
|
December 31, 2018 |
Refreshed LTV
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than or equal to 90 percent |
$ |
195,967 |
|
|
$ |
7,952 |
|
|
$ |
35,548 |
|
|
$ |
4,415 |
|
|
$ |
173,911 |
|
|
$ |
10,272 |
|
|
$ |
39,246 |
|
|
$ |
6,478 |
|
Greater than 90 percent but less than or equal to 100 percent |
3,142 |
|
|
346 |
|
|
267 |
|
|
413 |
|
|
2,349 |
|
|
533 |
|
|
354 |
|
|
715 |
|
Greater than 100 percent |
1,041 |
|
|
333 |
|
|
301 |
|
|
630 |
|
|
817 |
|
|
545 |
|
|
410 |
|
|
1,083 |
|
Fully-insured loans (2)
|
16,073 |
|
|
2,618 |
|
|
|
|
|
|
16,618 |
|
|
3,512 |
|
|
|
|
|
Total consumer real estate |
$ |
216,223 |
|
|
$ |
11,249 |
|
|
$ |
36,116 |
|
|
$ |
5,458 |
|
|
$ |
193,695 |
|
|
$ |
14,862 |
|
|
$ |
40,010 |
|
|
$ |
8,276 |
|
Refreshed FICO score |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 620 |
$ |
2,040 |
|
|
$ |
1,306 |
|
|
$ |
782 |
|
|
$ |
627 |
|
|
$ |
2,125 |
|
|
$ |
1,974 |
|
|
$ |
1,064 |
|
|
$ |
1,503 |
|
Greater than or equal to 620 and less than 680 |
4,716 |
|
|
1,160 |
|
|
1,581 |
|
|
885 |
|
|
4,538 |
|
|
1,719 |
|
|
2,008 |
|
|
1,720 |
|
Greater than or equal to 680 and less than 740 |
25,555 |
|
|
2,198 |
|
|
6,157 |
|
|
1,550 |
|
|
23,841 |
|
|
3,042 |
|
|
7,008 |
|
|
2,188 |
|
Greater than or equal to 740 |
167,839 |
|
|
3,967 |
|
|
27,596 |
|
|
2,396 |
|
|
146,573 |
|
|
4,615 |
|
|
29,930 |
|
|
2,865 |
|
Fully-insured loans (2)
|
16,073 |
|
|
2,618 |
|
|
|
|
|
|
16,618 |
|
|
3,512 |
|
|
|
|
|
Total consumer real estate |
$ |
216,223 |
|
|
$ |
11,249 |
|
|
$ |
36,116 |
|
|
$ |
5,458 |
|
|
$ |
193,695 |
|
|
$ |
14,862 |
|
|
$ |
40,010 |
|
|
$ |
8,276 |
|
|
|
(1) |
Excludes $640 million and $682 million of loans accounted for under the fair value option at September 30, 2019 and December 31, 2018.
|
|
|
(2) |
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Credit Quality Indicators |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Credit
Card
|
|
Direct/Indirect
Consumer
|
|
Other Consumer |
|
U.S. Credit
Card |
|
Direct/Indirect
Consumer |
|
Other Consumer |
(Dollars in millions) |
September 30, 2019 |
|
December 31, 2018 |
Refreshed FICO score |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less than 620 |
$ |
4,970 |
|
|
$ |
1,470 |
|
|
|
|
$ |
5,016 |
|
|
$ |
1,719 |
|
|
|
Greater than or equal to 620 and less than 680 |
11,908 |
|
|
2,757 |
|
|
|
|
12,415 |
|
|
3,124 |
|
|
|
Greater than or equal to 680 and less than 740 |
34,652 |
|
|
8,490 |
|
|
|
|
35,781 |
|
|
8,921 |
|
|
|
Greater than or equal to 740 |
43,416 |
|
|
37,953 |
|
|
|
|
45,126 |
|
|
36,709 |
|
|
|
Other internal credit metrics (1, 2)
|
|
|
40,166 |
|
|
$ |
208 |
|
|
|
|
40,693 |
|
|
$ |
202 |
|
Total credit card and other consumer |
$ |
94,946 |
|
|
$ |
90,836 |
|
|
$ |
208 |
|
|
$ |
98,338 |
|
|
$ |
91,166 |
|
|
$ |
202 |
|
|
|
(1) |
Other internal credit metrics may include delinquency status, geography or other factors. |
|
|
(2) |
Direct/indirect consumer includes $39.5 billion and $39.9 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk at September 30, 2019 and December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial – Credit Quality Indicators (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
Commercial
|
|
Non-U.S.
Commercial
|
|
Commercial
Real Estate
|
|
Commercial
Lease
Financing
|
|
U.S. Small
Business
Commercial (2)
|
(Dollars in millions) |
September 30, 2019 |
Risk ratings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pass rated |
$ |
302,826 |
|
|
$ |
100,152 |
|
|
$ |
61,901 |
|
|
$ |
19,757 |
|
|
$ |
235 |
|
Reservable criticized |
8,156 |
|
|
932 |
|
|
897 |
|
|
350 |
|
|
21 |
|
Refreshed FICO score |
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
|
293 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
738 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
2,229 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
4,767 |
|
Other internal credit metrics (3)
|
|
|
|
|
|
|
|
|
6,946 |
|
Total commercial |
$ |
310,982 |
|
|
$ |
101,084 |
|
|
$ |
62,798 |
|
|
$ |
20,107 |
|
|
$ |
15,229 |
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
Risk ratings |
|
|
|
|
|
|
|
|
|
Pass rated |
$ |
291,918 |
|
|
$ |
97,916 |
|
|
$ |
59,910 |
|
|
$ |
22,168 |
|
|
$ |
389 |
|
Reservable criticized |
7,359 |
|
|
860 |
|
|
935 |
|
|
366 |
|
|
29 |
|
Refreshed FICO score |
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
264 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
684 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
2,072 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
4,254 |
|
Other internal credit metrics (3)
|
|
|
|
|
|
|
|
|
6,873 |
|
Total commercial |
$ |
299,277 |
|
|
$ |
98,776 |
|
|
$ |
60,845 |
|
|
$ |
22,534 |
|
|
$ |
14,565 |
|
|
|
(1) |
Excludes $7.0 billion and $3.7 billion of loans accounted for under the fair value option at September 30, 2019 and December 31, 2018.
|
|
|
(2) |
At September 30, 2019 and December 31, 2018, U.S. small business commercial includes $716 million and $731 million of criticized business card and small business loans which are evaluated using refreshed FICO scores or internal credit metrics, including delinquency status, rather than risk ratings. Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio.
|
(3)
Other internal credit metrics may include delinquency status, application scores, geography or other factors. At both September 30, 2019 and December 31, 2018, 99 percent of the balances where internal credit metrics are used were current or less than 30 days past due.
|
| Consumer real estate |
|
| Financing Receivable, Impaired [Line Items] |
|
| Impaired Financing Receivables |
The following table provides the unpaid principal balance, carrying value and related allowance at September 30, 2019 and December 31, 2018 and the average carrying value and interest
income recognized for the three and nine months ended September 30, 2019 and 2018 for impaired loans in the Corporation’s Consumer Real Estate portfolio segment. Certain impaired consumer real estate loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Consumer Real Estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
(Dollars in millions) |
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
4,436 |
|
|
$ |
3,534 |
|
|
$ |
— |
|
|
$ |
5,396 |
|
|
$ |
4,268 |
|
|
$ |
— |
|
Home equity |
|
|
|
|
1,262 |
|
|
756 |
|
|
— |
|
|
2,948 |
|
|
1,599 |
|
|
— |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
1,516 |
|
|
$ |
1,488 |
|
|
$ |
74 |
|
|
$ |
1,977 |
|
|
$ |
1,929 |
|
|
$ |
114 |
|
Home equity |
|
|
|
|
560 |
|
|
539 |
|
|
71 |
|
|
812 |
|
|
760 |
|
|
144 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
5,952 |
|
|
$ |
5,022 |
|
|
$ |
74 |
|
|
$ |
7,373 |
|
|
$ |
6,197 |
|
|
$ |
114 |
|
Home equity |
|
|
|
|
1,822 |
|
|
1,295 |
|
|
71 |
|
|
3,760 |
|
|
2,359 |
|
|
144 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (1)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (1)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (1)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (1)
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
3,746 |
|
|
$ |
37 |
|
|
$ |
5,056 |
|
|
$ |
52 |
|
|
$ |
3,955 |
|
|
$ |
122 |
|
|
$ |
5,685 |
|
|
$ |
167 |
|
Home equity |
1,041 |
|
|
16 |
|
|
1,908 |
|
|
27 |
|
|
1,368 |
|
|
64 |
|
|
1,937 |
|
|
79 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
1,551 |
|
|
$ |
13 |
|
|
$ |
2,330 |
|
|
$ |
22 |
|
|
$ |
1,696 |
|
|
$ |
47 |
|
|
$ |
2,508 |
|
|
$ |
71 |
|
Home equity |
591 |
|
|
5 |
|
|
864 |
|
|
7 |
|
|
670 |
|
|
17 |
|
|
879 |
|
|
19 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
5,297 |
|
|
$ |
50 |
|
|
$ |
7,386 |
|
|
$ |
74 |
|
|
$ |
5,651 |
|
|
$ |
169 |
|
|
$ |
8,193 |
|
|
$ |
238 |
|
Home equity |
1,632 |
|
|
21 |
|
|
2,772 |
|
|
34 |
|
|
2,038 |
|
|
81 |
|
|
2,816 |
|
|
98 |
|
(1)
Interest income recognized includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal is considered collectible.
|
| Financing Receivable, Modifications [Line Items] |
|
| Troubled Debt Restructurings on Financing Receivables |
The table below presents the September 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three and nine months ended September 30, 2019 and 2018. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Real Estate – TDRs Entered into During the Three and Nine Months Ended September 30, 2019 and 2018 |
|
|
|
Unpaid Principal Balance |
|
Carrying
Value
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate (1)
|
|
Unpaid Principal Balance |
|
Carrying
Value |
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate (1)
|
(Dollars in millions) |
Three Months Ended September 30, 2019 |
|
Nine Months Ended September 30, 2019 |
Residential mortgage |
$ |
148 |
|
|
$ |
125 |
|
|
4.29 |
% |
|
4.25 |
% |
|
$ |
368 |
|
|
$ |
301 |
|
|
4.24 |
% |
|
4.22 |
% |
Home equity |
34 |
|
|
27 |
|
|
5.28 |
|
|
5.27 |
|
|
129 |
|
|
94 |
|
|
5.19 |
|
|
4.60 |
|
Total |
$ |
182 |
|
|
$ |
152 |
|
|
4.48 |
|
|
4.44 |
|
|
$ |
497 |
|
|
$ |
395 |
|
|
4.49 |
|
|
4.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018 |
|
Nine Months Ended September 30, 2018 |
Residential mortgage |
$ |
226 |
|
|
$ |
195 |
|
|
4.27 |
% |
|
4.12 |
% |
|
$ |
747 |
|
|
$ |
635 |
|
|
4.22 |
% |
|
4.03 |
% |
Home equity |
120 |
|
|
90 |
|
|
4.67 |
|
|
4.60 |
|
|
482 |
|
|
356 |
|
|
4.42 |
|
|
3.78 |
|
Total |
$ |
346 |
|
|
$ |
285 |
|
|
4.41 |
|
|
4.29 |
|
|
$ |
1,229 |
|
|
$ |
991 |
|
|
4.30 |
|
|
3.94 |
|
|
|
(1) |
The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. |
The table below presents the September 30, 2019 and 2018 carrying value for consumer real estate loans that were modified in a TDR during the three and nine months ended September 30, 2019 and 2018, by type of modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Real Estate – Modification Programs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TDRs Entered into During the |
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
(Dollars in millions) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Modifications under government programs (1)
|
$ |
8 |
|
|
$ |
12 |
|
|
$ |
32 |
|
|
$ |
48 |
|
Modifications under proprietary programs (1)
|
18 |
|
|
33 |
|
|
125 |
|
|
446 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
16 |
|
|
39 |
|
|
54 |
|
|
121 |
|
Trial modifications |
110 |
|
|
201 |
|
|
184 |
|
|
376 |
|
Total modifications |
$ |
152 |
|
|
$ |
285 |
|
|
$ |
395 |
|
|
$ |
991 |
|
|
|
(1) |
Includes other modifications such as term or payment extensions and repayment plans. During the nine months ended September 30, 2018, this included $197 million of modifications that met the definition of a TDR related to the 2017 hurricanes. These modifications had been written down to their net realizable value less costs to sell or were fully insured as of September 30, 2018.
|
|
|
(2) |
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. |
The table below presents the carrying value of consumer real estate loans that entered into payment default during the three and nine months ended September 30, 2019 and 2018 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months |
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
(Dollars in millions) |
2019 |
|
2018 |
|
2019 |
|
2018 |
Modifications under government programs |
$ |
7 |
|
|
$ |
8 |
|
|
$ |
20 |
|
|
$ |
32 |
|
Modifications under proprietary programs |
19 |
|
|
43 |
|
|
68 |
|
|
130 |
|
Loans discharged in Chapter 7 bankruptcy (1)
|
8 |
|
|
12 |
|
|
26 |
|
|
51 |
|
Trial modifications (2)
|
13 |
|
|
18 |
|
|
40 |
|
|
85 |
|
Total modifications |
$ |
47 |
|
|
$ |
81 |
|
|
$ |
154 |
|
|
$ |
298 |
|
|
|
(1) |
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. |
(2)
Includes trial modification offers to which the customer did not respond.
|
| Credit card and other consumer |
|
| Financing Receivable, Impaired [Line Items] |
|
| Impaired Financing Receivables |
The following table provides the unpaid principal balance, carrying value and related allowance at September 30, 2019 and December 31, 2018 and the average carrying value for the three and nine months ended September 30, 2019 and 2018 for TDRs within the Credit Card and Other Consumer portfolio segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Credit Card and Other Consumer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value (1)
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value (1)
|
|
Related
Allowance
|
|
|
|
|
|
|
(Dollars in millions) |
|
|
|
|
September 30, 2019 |
|
December 31, 2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct/Indirect consumer |
|
|
|
|
$ |
74 |
|
|
$ |
33 |
|
|
$ |
— |
|
|
$ |
72 |
|
|
$ |
33 |
|
|
$ |
— |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
|
|
|
|
$ |
610 |
|
|
$ |
624 |
|
|
$ |
179 |
|
|
$ |
522 |
|
|
$ |
533 |
|
|
$ |
154 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
|
|
|
|
$ |
610 |
|
|
$ |
624 |
|
|
$ |
179 |
|
|
$ |
522 |
|
|
$ |
533 |
|
|
$ |
154 |
|
Direct/Indirect consumer |
|
|
|
|
74 |
|
|
33 |
|
|
— |
|
|
72 |
|
|
33 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Carrying Value (2)
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct/Indirect consumer |
|
|
|
|
|
|
|
|
$ |
33 |
|
|
$ |
30 |
|
|
$ |
33 |
|
|
$ |
29 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
|
|
|
|
|
|
|
|
$ |
609 |
|
|
$ |
498 |
|
|
$ |
579 |
|
|
$ |
481 |
|
|
|
(1) |
Includes accrued interest and fees. |
(2)
The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and nine months ended September 30, 2019 and 2018.
|
| Financing Receivable, Modifications [Line Items] |
|
| Troubled Debt Restructurings on Financing Receivables |
The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the September 30, 2019 and 2018 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and nine months ended September 30, 2019 and 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – TDRs Entered into During the Three and Nine Months Ended September 30, 2019 and 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid Principal Balance |
|
Carrying Value (1)
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
|
Unpaid Principal Balance |
|
Carrying
Value (1)
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
(Dollars in millions) |
Three Months Ended September 30, 2019 |
|
Nine Months Ended September 30, 2019 |
U.S. credit card |
$ |
100 |
|
|
$ |
107 |
|
|
19.62 |
% |
|
5.36 |
% |
|
$ |
267 |
|
|
$ |
281 |
|
|
19.50 |
% |
|
5.35 |
% |
Direct/Indirect consumer |
19 |
|
|
11 |
|
|
5.32 |
|
|
5.32 |
|
|
35 |
|
|
19 |
|
|
5.23 |
|
|
5.22 |
|
Total |
$ |
119 |
|
|
$ |
118 |
|
|
18.36 |
|
|
5.36 |
|
|
$ |
302 |
|
|
$ |
300 |
|
|
18.62 |
|
|
5.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2018 |
|
Nine Months Ended September 30, 2018 |
U.S. credit card |
$ |
84 |
|
|
$ |
91 |
|
|
19.45 |
% |
|
5.19 |
% |
|
$ |
212 |
|
|
$ |
224 |
|
|
19.30 |
% |
|
5.24 |
% |
Direct/Indirect consumer |
18 |
|
|
10 |
|
|
4.61 |
|
|
4.50 |
|
|
33 |
|
|
19 |
|
|
4.77 |
|
|
4.58 |
|
Total |
$ |
102 |
|
|
$ |
101 |
|
|
17.94 |
|
|
5.12 |
|
|
$ |
245 |
|
|
$ |
243 |
|
|
18.16 |
|
|
5.19 |
|
(1)
Includes accrued interest and fees.
The table below provides information on the Corporation’s primary modification programs for the Credit Card and Other Consumer TDR portfolio at September 30, 2019 and December 31, 2018.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – TDRs by Program Type |
|
|
|
|
|
|
|
U.S. Credit Card |
|
Direct/Indirect Consumer |
|
Total TDRs by Program Type |
(Dollars in millions) |
September 30
2019 |
|
December 31
2018 |
|
September 30
2019 |
|
December 31
2018 |
|
September 30
2019 |
|
December 31
2018 |
Internal programs |
$ |
322 |
|
|
$ |
259 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
322 |
|
|
$ |
259 |
|
External programs |
301 |
|
|
273 |
|
|
— |
|
|
— |
|
|
301 |
|
|
273 |
|
Other |
1 |
|
|
1 |
|
|
33 |
|
|
33 |
|
|
34 |
|
|
34 |
|
Total |
$ |
624 |
|
|
$ |
533 |
|
|
$ |
33 |
|
|
$ |
33 |
|
|
$ |
657 |
|
|
$ |
566 |
|
Percent of balances current or less than 30 days past due |
85 |
% |
|
85 |
% |
|
80 |
% |
|
81 |
% |
|
85 |
% |
|
85 |
% |
|
| Commercial Portfolio Segment |
|
| Financing Receivable, Impaired [Line Items] |
|
| Impaired Financing Receivables |
The table below provides information on impaired loans in the Commercial loan portfolio segment including the unpaid principal balance, carrying value and related allowance at September 30, 2019 and December 31, 2018, and the average carrying value for the three and nine months ended September 30, 2019 and 2018. Certain impaired commercial loans do not have a related allowance because the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
Unpaid
Principal
Balance
|
|
Carrying
Value
|
|
Related
Allowance
|
|
|
|
|
|
|
|
|
(Dollars in millions) |
|
|
September 30, 2019 |
|
December 31, 2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
$ |
620 |
|
|
$ |
606 |
|
|
$ |
— |
|
|
$ |
638 |
|
|
$ |
616 |
|
|
$ |
— |
|
Non-U.S. commercial |
|
|
24 |
|
|
24 |
|
|
— |
|
|
93 |
|
|
93 |
|
|
— |
|
Commercial real estate |
|
|
22 |
|
|
22 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Commercial lease financing |
|
|
13 |
|
|
13 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
$ |
1,659 |
|
|
$ |
1,495 |
|
|
$ |
144 |
|
|
$ |
1,437 |
|
|
$ |
1,270 |
|
|
$ |
121 |
|
Non-U.S. commercial |
|
|
254 |
|
|
253 |
|
|
10 |
|
|
155 |
|
|
149 |
|
|
30 |
|
Commercial real estate |
|
|
319 |
|
|
242 |
|
|
59 |
|
|
247 |
|
|
162 |
|
|
16 |
|
Commercial lease financing |
|
|
58 |
|
|
57 |
|
|
3 |
|
|
71 |
|
|
71 |
|
|
— |
|
U.S. small business commercial (1)
|
|
84 |
|
|
75 |
|
|
28 |
|
|
83 |
|
|
72 |
|
|
29 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
$ |
2,279 |
|
|
$ |
2,101 |
|
|
$ |
144 |
|
|
$ |
2,075 |
|
|
$ |
1,886 |
|
|
$ |
121 |
|
Non-U.S. commercial |
|
|
278 |
|
|
277 |
|
|
10 |
|
|
248 |
|
|
242 |
|
|
30 |
|
Commercial real estate |
|
|
341 |
|
|
264 |
|
|
59 |
|
|
247 |
|
|
162 |
|
|
16 |
|
Commercial lease financing |
|
|
71 |
|
|
70 |
|
|
3 |
|
|
71 |
|
|
71 |
|
|
— |
|
U.S. small business commercial (1)
|
|
84 |
|
|
75 |
|
|
28 |
|
|
83 |
|
|
72 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Carrying Value (2)
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
|
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
|
|
$ |
612 |
|
|
$ |
640 |
|
|
$ |
659 |
|
|
$ |
659 |
|
Non-U.S. commercial |
|
|
|
|
|
|
57 |
|
|
9 |
|
|
81 |
|
|
35 |
|
Commercial real estate |
|
|
|
|
|
|
65 |
|
|
68 |
|
|
115 |
|
|
72 |
|
Commercial lease financing |
|
|
|
|
|
|
7 |
|
|
3 |
|
|
2 |
|
|
4 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
|
|
$ |
1,296 |
|
|
$ |
1,159 |
|
|
$ |
1,242 |
|
|
$ |
1,168 |
|
Non-U.S. commercial |
|
|
|
|
|
|
251 |
|
|
287 |
|
|
230 |
|
|
381 |
|
Commercial real estate |
|
|
|
|
|
|
158 |
|
|
10 |
|
|
118 |
|
|
19 |
|
Commercial lease financing |
|
|
|
|
|
|
72 |
|
|
58 |
|
|
80 |
|
|
32 |
|
U.S. small business commercial (1)
|
|
|
|
|
|
|
74 |
|
|
74 |
|
|
74 |
|
|
74 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
|
|
$ |
1,908 |
|
|
$ |
1,799 |
|
|
$ |
1,901 |
|
|
$ |
1,827 |
|
Non-U.S. commercial |
|
|
|
|
|
|
308 |
|
|
296 |
|
|
311 |
|
|
416 |
|
Commercial real estate |
|
|
|
|
|
|
223 |
|
|
78 |
|
|
233 |
|
|
91 |
|
Commercial lease financing |
|
|
|
|
|
|
79 |
|
|
61 |
|
|
82 |
|
|
36 |
|
U.S. small business commercial (1)
|
|
|
|
|
|
|
74 |
|
|
74 |
|
|
74 |
|
|
74 |
|
|
|
(1) |
Includes U.S. small business commercial renegotiated TDR loans and related allowance. |
|
|
(2) |
The related interest income recognized, which includes interest accrued and collected on the outstanding balances of accruing impaired loans as well as interest cash collections on nonaccruing impaired loans for which the principal was considered collectible, was not significant for the three and nine months ended September 30, 2019 and 2018.
|
|