Outstanding Loans and Leases and Allowance for Credit Losses (Tables)

v3.21.2

Outstanding Loans and Leases and Allowance for Credit Losses (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020. 30-59 Days  Past Due (1) 60-89 Days  Past Due (1) 90 Days or More Past Due (1) Total Past Due 30 Days or More Total  Current or  Less Than  30 Days  Past Due (1) Loans  Accounted  for Under  the Fair  Value  Option Total Outstandings (Dollars in millions) June 30, 2021 Consumer real estate             Residential mortgage $ 1,130  $ 330  $ 1,549  $ 3,009  $ 211,315  $ 214,324  Home equity 141  70  343  554  29,915  30,469  Credit card and other consumer Credit card 266  177  533  976  74,623  75,599  Direct/Indirect consumer (2) 125  45  17  187  96,716  96,903  Other consumer —  —  —  —  172  172  Total consumer 1,662  622  2,442  4,726  412,741  417,467  Consumer loans accounted for under the fair value option (3)           $ 654  654  Total consumer loans and leases 1,662  622  2,442  4,726  412,741  654  418,121  Commercial U.S. commercial 224  564  349  1,137  289,983  291,120  Non-U.S. commercial 87  24  107  218  97,932  98,150  Commercial real estate (4) 107  32  192  331  59,275  59,606  Commercial lease financing 87  27  53  167  15,601  15,768  U.S. small business commercial (5) 56  29  71  156  29,711  29,867  Total commercial 561  676  772  2,009  492,502  494,511  Commercial loans accounted for under the fair value option (3)           6,296  6,296  Total commercial loans and leases 561  676  772  2,009  492,502  6,296  500,807  Total loans and leases (6) $ 2,223  $ 1,298  $ 3,214  $ 6,735  $ 905,243  $ 6,950  $ 918,928  Percentage of outstandings 0.24  % 0.14  % 0.35  % 0.73  % 98.51  % 0.76  % 100.00  % (1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $213 million and nonperforming loans of $157 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $97 million and nonperforming loans of $129 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $687 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion and direct/indirect consumer includes $48 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $46.4 billion and non-U.S. consumer loans of $3.0 billion. (3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $257 million and home equity loans of $397 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.4 billion and non-U.S. commercial loans of $1.9 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option. (4)Total outstandings includes U.S. commercial real estate loans of $55.8 billion and non-U.S. commercial real estate loans of $3.8 billion. (5)Includes Paycheck Protection Program loans. (6)Total outstandings includes loans and leases pledged as collateral of $12.8 billion. The Corporation also pledged $153.0 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. 30-59 Days Past Due (1) 60-89 Days  Past Due (1) 90 Days or More Past Due (1) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (1) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) December 31, 2020 Consumer real estate             Residential mortgage $ 1,430  $ 297  $ 1,699  $ 3,426  $ 220,129  $ 223,555  Home equity 154  78  345  577  33,734  34,311  Credit card and other consumer           Credit card 445  341  903  1,689  77,019    78,708  Direct/Indirect consumer (2) 209  67  37  313  91,050    91,363  Other consumer  —  —  —  —  124    124  Total consumer 2,238  783  2,984  6,005  422,056  428,061  Consumer loans accounted for under the fair value option (3) $ 735  735  Total consumer loans and leases 2,238  783  2,984  6,005  422,056  735  428,796  Commercial               U.S. commercial 561  214  512  1,287  287,441    288,728  Non-U.S. commercial 61  44  11  116  90,344    90,460  Commercial real estate (4) 128  113  226  467  59,897    60,364  Commercial lease financing 86  20  57  163  16,935    17,098  U.S. small business commercial (5) 84  56  123  263  36,206    36,469  Total commercial 920  447  929  2,296  490,823    493,119  Commercial loans accounted for under the fair value option (3) 5,946  5,946  Total commercial loans and leases 920  447  929  2,296  490,823  5,946  499,065  Total loans and leases (6) $ 3,158  $ 1,230  $ 3,913  $ 8,301  $ 912,879  $ 6,681  $ 927,861  Percentage of outstandings 0.34  % 0.13  % 0.42  % 0.89  % 98.39  % 0.72  % 100.00  % (1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $225 million and nonperforming loans of $126 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $103 million and nonperforming loans of $95 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $762 million. Consumer real estate loans current or less than 30 days past due includes $1.2 billion and direct/indirect consumer includes $66 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $41.1 billion and non-U .S. consumer loans of $3.0 billion. (3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million and home equity loans of $437 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.0 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option. (4)Total outstandings includes U.S. commercial real estate loans of $57.2 billion and non-U.S. commercial real estate loans of $3.2 billion. (5)Includes Paycheck Protection Program loans. (6)Total outstandings includes loans and leases pledged as collateral of $15.5 billion. The Corporation also pledged $153.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
Schedule of Financing Receivables, Non Accrual Status	The following table presents the Corporation’s nonperforming loans and leases including nonperforming troubled debt restructurings (TDRs), and loans accruing past due 90 days or more at June 30, 2021 and December 31, 2020. 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 2020 Annual Report on Form 10-K. Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (1) (Dollars in millions) June 30 2021 December 31 2020 June 30 2021 December 31 2020 Residential mortgage (2) $ 2,343  $ 2,005  $ 687  $ 762  With no related allowance (3) 2,019  1,378  —  —  Home equity (2) 651  649  —  —  With no related allowance (3) 423  347  —  —  Credit Card n/a n/a 533  903  Direct/indirect consumer 50  71  15  33  Total consumer 3,044  2,725  1,235  1,698  U.S. commercial 1,060  1,243  172  228  Non-U.S. commercial 275  418  19  10  Commercial real estate 404  404  —  6  Commercial lease financing 81  87  24  25  U.S. small business commercial 43  75  69  115  Total commercial 1,863  2,227  284  384  Total nonperforming loans $ 4,907  $ 4,952  $ 1,519  $ 2,082  Percentage of outstanding loans and leases 0.54  % 0.54  % 0.17  % 0.23  % (1)For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At June 30, 2021 and December 31, 2020 residential mortgage includes $501 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $186 million and $225 million of loans on which interest was still accruing. (3)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date. 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 and year of origination for term loan balances at June 30, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of  June 30,  2021 2021 2020 2019 2018 2017 Prior Total Residential Mortgage Refreshed LTV       Less than or equal to 90 percent $ 198,103  $ 44,858  $ 55,361  $ 30,311  $ 9,583  $ 14,423  $ 43,567  Greater than 90 percent but less than or equal to 100 percent 2,790  1,021  1,238  275  46  33  177  Greater than 100 percent 912  385  260  84  22  17  144  Fully-insured loans 12,519  2,134  3,913  1,512  279  280  4,401  Total Residential Mortgage $ 214,324  $ 48,398  $ 60,772  $ 32,182  $ 9,930  $ 14,753  $ 48,289  Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,539  $ 438  $ 507  $ 152  $ 121  $ 137  $ 1,184  Greater than or equal to 620 and less than 680 5,002  791  1,277  565  338  333  1,698  Greater than or equal to 680 and less than 740 23,440  4,246  6,688  3,267  1,398  1,763  6,078  Greater than or equal to 740 170,824  40,789  48,387  26,686  7,794  12,240  34,928  Fully-insured loans 12,519  2,134  3,913  1,512  279  280  4,401  Total Residential Mortgage $ 214,324  $ 48,398  $ 60,772  $ 32,182  $ 9,930  $ 14,753  $ 48,289  Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) June 30, 2021 Total Home Equity Refreshed LTV       Less than or equal to 90 percent $ 29,884  $ 1,857  $ 20,266  $ 7,761  Greater than 90 percent but less than or equal to 100 percent 236  98  62  76  Greater than 100 percent 349  125  86  138  Total Home Equity $ 30,469  $ 2,080  $ 20,414  $ 7,975  Total Home Equity Refreshed FICO score Less than 620 $ 974  $ 246  $ 217  $ 511  Greater than or equal to 620 and less than 680 1,574  243  509  822  Greater than or equal to 680 and less than 740 5,027  517  2,559  1,951  Greater than or equal to 740 22,894  1,074  17,129  4,691  Total Home Equity $ 30,469  $ 2,080  $ 20,414  $ 7,975  (1)Includes reverse mortgages of $1.4 billion and home equity loans of $717 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/ Indirect as of June 30,  2021 Revolving Loans 2021 2020 2019 2018 2017 Prior Total Credit Card as of June 30,  2021 Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score     Less than 620 $ 704  $ 15  $ 54  $ 107  $ 152  $ 115  $ 149  $ 112  $ 2,859  $ 2,692  $ 167  Greater than or equal to 620 and less than 680 2,031  16  528  502  402  212  201  170  8,293  8,087  206  Greater than or equal to 680 and less than 740 7,646  67  2,315  2,145  1,484  693  483  459  26,228  26,024  204  Greater than or equal to 740 36,196  101  8,352  10,544  8,439  4,046  2,384  2,330  38,219  38,170  49  Other internal credit    metrics (2,3) 50,326  49,307  519  79  96  83  65  177  —  —  —  Total credit card and other    consumer $ 96,903  $ 49,506  $ 11,768  $ 13,377  $ 10,573  $ 5,149  $ 3,282  $ 3,248  $ 75,599  $ 74,973  $ 626  (1)Represents TDRs that were modified into term loans. (2)Other internal credit metrics may include delinquency status, geography or other factors. (3)Direct/indirect consumer includes $49.3 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at June 30, 2021. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of  June 30,  2021 2021 2020 2019 2018 2017 Prior Revolving Loans U.S. Commercial Risk ratings         Pass rated $ 277,504  $ 25,307  $ 25,782  $ 28,019  $ 13,523  $ 12,219  $ 27,464  $ 145,190  Reservable criticized 13,616  294  1,342  1,696  2,192  661  1,485  5,946  Total U.S. Commercial $ 291,120  $ 25,601  $ 27,124  $ 29,715  $ 15,715  $ 12,880  $ 28,949  $ 151,136  Non-U.S. Commercial Risk ratings Pass rated $ 94,717  $ 11,442  $ 11,854  $ 8,529  $ 5,739  $ 3,445  $ 3,071  $ 50,637  Reservable criticized 3,433  285  395  644  397  331  367  1,014  Total Non-U.S. Commercial $ 98,150  $ 11,727  $ 12,249  $ 9,173  $ 6,136  $ 3,776  $ 3,438  $ 51,651  Commercial Real Estate Risk ratings Pass rated $ 50,781  $ 4,669  $ 7,940  $ 13,339  $ 7,356  $ 4,183  $ 8,528  $ 4,766  Reservable criticized 8,825  162  1,025  2,403  2,030  1,179  1,481  545  Total Commercial Real Estate $ 59,606  $ 4,831  $ 8,965  $ 15,742  $ 9,386  $ 5,362  $ 10,009  $ 5,311  Commercial Lease Financing Risk ratings Pass rated $ 15,035  $ 1,090  $ 2,793  $ 2,896  $ 2,396  $ 2,194  $ 3,666  $ —  Reservable criticized 733  122  71  155  106  72  207  —  Total Commercial Lease Financing $ 15,768  $ 1,212  $ 2,864  $ 3,051  $ 2,502  $ 2,266  $ 3,873  $ —  U.S. Small Business Commercial (3) Risk ratings Pass rated $ 22,235  $ 9,756  $ 8,245  $ 1,124  $ 816  $ 702  $ 1,438  $ 154  Reservable criticized 696  4  49  145  131  98  264  5  Total U.S. Small Business Commercial $ 22,931  $ 9,760  $ 8,294  $ 1,269  $ 947  $ 800  $ 1,702  $ 159   Total $ 487,575  $ 53,131  $ 59,496  $ 58,950  $ 34,686  $ 25,084  $ 47,971  $ 208,257  (1) Excludes $6.3 billion of loans accounted for under the fair value option at June 30, 2021. (2)     Includes $40 million of loans that converted from revolving to term loans. (3)     Excludes U.S. Small Business Card loans of $6.9 billion. Refreshed FICO scores for this portfolio are $193 million for less than 620; $555 million for greater than or equal to 620 and less than 680; $1.8 billion for greater than or equal to 680 and less than 740; and $4.4 billion greater than or equal to 740. 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 and year of origination for term loan balances at December 31, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of  December 31,  2020 2020 2019 2018 2017 2016 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 207,389  $ 68,907  $ 43,771  $ 14,658  $ 21,589  $ 22,967  $ 35,497  Greater than 90 percent but less than or equal to 100 percent 3,138  1,970  684  128  70  96  190  Greater than 100 percent 1,210  702  174  47  39  37  211  Fully-insured loans 11,818  3,826  2,014  370  342  1,970  3,296  Total Residential Mortgage $ 223,555  $ 75,405  $ 46,643  $ 15,203  $ 22,040  $ 25,070  $ 39,194  Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,717  $ 823  $ 177  $ 139  $ 170  $ 150  $ 1,258  Greater than or equal to 620 and less than 680 5,462  1,804  666  468  385  368  1,771  Greater than or equal to 680 and less than 740 25,349  8,533  4,679  1,972  2,427  2,307  5,431  Greater than or equal to 740 178,209  60,419  39,107  12,254  18,716  20,275  27,438  Fully-insured loans 11,818  3,826  2,014  370  342  1,970  3,296  Total Residential Mortgage $ 223,555  $ 75,405  $ 46,643  $ 15,203  $ 22,040  $ 25,070  $ 39,194  Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) December 31, 2020 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 33,447  $ 1,919  $ 22,639  $ 8,889  Greater than 90 percent but less than or equal to 100 percent 351  126  94  131  Greater than 100 percent 513  172  118  223  Total Home Equity $ 34,311  $ 2,217  $ 22,851  $ 9,243  Total Home Equity Refreshed FICO score Less than 620 $ 1,082  $ 250  $ 244  $ 588  Greater than or equal to 620 and less than 680 1,798  263  568  967  Greater than or equal to 680 and less than 740 5,762  556  2,905  2,301  Greater than or equal to 740 25,669  1,148  19,134  5,387  Total Home Equity $ 34,311  $ 2,217  $ 22,851  $ 9,243  (1)Includes reverse mortgages of $1.3 billion and home equity loans of $885 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/Indirect as of December 31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Credit Card as of December 31, 2020 Revolving Loans Revolving Loans Converted to Term Loans (1) Refreshed FICO score Less than 620 $ 959  $ 19  $ 111  $ 200  $ 175  $ 243  $ 148  $ 63  $ 4,018  $ 3,832  $ 186  Greater than or equal to 620 and less than 680 2,143  20  653  559  329  301  176  105  9,419  9,201  218  Greater than or equal to 680 and less than 740 7,431  80  2,848  2,015  1,033  739  400  316  27,585  27,392  193  Greater than or equal to 740 36,064  120  12,540  10,588  5,869  3,495  1,781  1,671  37,686  37,642  44  Other internal credit    metrics (2, 3) 44,766  44,098  74  115  84  67  52  276  —  —  —  Total credit card and other    consumer $ 91,363  $ 44,337  $ 16,226  $ 13,477  $ 7,490  $ 4,845  $ 2,557  $ 2,431  $ 78,708  $ 78,067  $ 641  (1)Represents TDRs that were modified into term loans. (2)Other internal credit metrics may include delinquency status, geography or other factors. (3)Direct/indirect consumer includes $44.1 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2020. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans U.S. Commercial Risk ratings         Pass rated $ 268,812  $ 33,456  $ 33,305  $ 17,363  $ 14,102  $ 7,420  $ 21,784  $ 141,382  Reservable criticized 19,916  2,524  2,542  2,689  854  698  1,402  9,207  Total U.S. Commercial $ 288,728  $ 35,980  $ 35,847  $ 20,052  $ 14,956  $ 8,118  $ 23,186  $ 150,589  Non-U.S. Commercial Risk ratings Pass rated $ 85,914  $ 16,301  $ 11,396  $ 7,451  $ 5,037  $ 1,674  $ 2,194  $ 41,861  Reservable criticized 4,546  914  572  492  436  138  259  1,735  Total Non-U.S. Commercial $ 90,460  $ 17,215  $ 11,968  $ 7,943  $ 5,473  $ 1,812  $ 2,453  $ 43,596  Commercial Real Estate Risk ratings Pass rated $ 50,260  $ 8,429  $ 14,126  $ 8,228  $ 4,599  $ 3,299  $ 6,542  $ 5,037  Reservable criticized 10,104  933  2,558  2,115  1,582  606  1,436  874  Total Commercial Real Estate $ 60,364  $ 9,362  $ 16,684  $ 10,343  $ 6,181  $ 3,905  $ 7,978  $ 5,911  Commercial Lease Financing Risk ratings Pass rated $ 16,384  $ 3,083  $ 3,242  $ 2,956  $ 2,532  $ 1,703  $ 2,868  $ —  Reservable criticized 714  117  117  132  81  88  179  —  Total Commercial Lease Financing $ 17,098  $ 3,200  $ 3,359  $ 3,088  $ 2,613  $ 1,791  $ 3,047  $ —  U.S. Small Business Commercial (3) Risk ratings Pass rated $ 28,786  $ 24,539  $ 1,121  $ 837  $ 735  $ 527  $ 855  $ 172  Reservable criticized 1,148  76  239  210  175  113  322  13  Total U.S. Small Business Commercial $ 29,934  $ 24,615  $ 1,360  $ 1,047  $ 910  $ 640  $ 1,177  $ 185   Total $ 486,584  $ 90,372  $ 69,218  $ 42,473  $ 30,133  $ 16,266  $ 37,841  $ 200,281  (1) Excludes $5.9 billion of loans accounted for under the fair value option at December 31, 2020. (2)     Includes $58 million of loans that converted from revolving to term loans. (3)     Excludes U.S. Small Business Card loans of $6.5 billion. Refreshed FICO scores for this portfolio are $265 million for less than 620; $582 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $3.9 billion greater than or equal to 740.
Troubled Debt Restructurings on Financing Receivables	The table below presents the June 30, 2021 and 2020 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 six months ended June 30, 2021 and 2020. 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 Six Months Ended June 30, 2021 and 2020 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 June 30, 2021 Six Months Ended June 30, 2021 Residential mortgage $ 522  $ 466  3.53  % 3.51  % $ 744  $ 667  3.51  % 3.49  % Home equity 62  47  3.58  3.61  83  63  3.55  3.58  Total $ 584  $ 513  3.53  3.52  $ 827  $ 730  3.52  3.50  Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Residential mortgage $ 120  $ 103  4.22  % 4.19  % $ 219  $ 185  4.10  % 4.01  % Home equity 22  18  3.68  3.65  45  38  3.99  3.92  Total $ 142  $ 121  4.14  4.11  $ 264  $ 223  4.08  3.99  (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 June 30, 2021 and 2020 carrying value for consumer real estate loans that were modified in a TDR during the three and six months ended June 30, 2021 and 2020, by type of modification. Consumer Real Estate – Modification Programs TDRs Entered into During the Three Months Ended June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1  $ —  $ 3  $ 3  Modifications under proprietary programs 479  20  665  59  Loans discharged in Chapter 7 bankruptcy (1) 12  21  22  32  Trial modifications 21  80  40  129  Total modifications $ 513  $ 121  $ 730  $ 223  (1)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 six months ended June 30, 2021 and 2020 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 June 30 Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Modifications under government programs $ 1  $ 2  $ 2  $ 8  Modifications under proprietary programs 33  5  45  19  Loans discharged in Chapter 7 bankruptcy (1) 2  4  5  11  Trial modifications (2) 6  12  12  30  Total modifications $ 42  $ 23  $ 64  $ 68  (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. The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the June 30, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three and six months ended June 30, 2021 and 2020. Credit Card and Other Consumer – TDRs Entered into During the Three and Six Months Ended June 30, 2021 and 2020   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 June 30, 2021 Six Months Ended June 30, 2021 Credit card $ 62  $ 68  18.44  % 4.24  % $ 137  $ 147  18.48  % 4.53  % Direct/Indirect consumer 6  4  5.64  5.64  11  7  5.62  5.62  Total $ 68  $ 72  17.75  4.31  $ 148  $ 154  17.87  4.58  Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Credit card $ 57  $ 61  18.08  % 5.15  % $ 144  $ 152  18.02  % 5.24  % Direct/Indirect consumer 14  8  5.26  5.26  23  12  5.31  5.31  Total $ 71  $ 69  16.61  5.16  $ 167  $ 164  17.07  5.25  (1)Includes accrued interest and fees. The table below presents the June 30, 2021 and 2020 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three and six months ended June 30, 2021 and 2020, by program type. Credit Card and Other Consumer – TDRs by Program Type TDRs Entered into During the Three Months Ended June 30 TDRs Entered into During the Six Months Ended June 30 (Dollars in millions) 2021 2020 2021 2020 Internal programs $ 57  $ 43  $ 121  $ 109  External programs 13  18  29  43  Other 2  8  4  12  Total $ 72  $ 69  $ 154  $ 164
Changes in the Allowance for Credit Losses	The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the following table. Consumer Real Estate Credit Card and  Other Consumer Commercial Total (Dollars in millions) Three Months Ended June 30, 2021 Allowance for loan and lease losses, April 1 $ 689  $ 7,946  $ 7,533  $ 16,168  Loans and leases charged off (30) (799) (232) (1,061) Recoveries of loans and leases previously charged off 60  256  150  466  Net charge-offs 30  (543) (82) (595) Provision for loan and lease losses (122) (568) (790) (1,480) Other —  —  2  2  Allowance for loan and lease losses, June 30 597  6,835  6,663  14,095  Reserve for unfunded lending commitments, April 1 124  —  1,705  1,829  Provision for unfunded lending commitments (17) —  (124) (141) Other —  —  (1) (1) Reserve for unfunded lending commitments, June 30 107  —  1,580  1,687  Allowance for credit losses, June 30 $ 704  $ 6,835  $ 8,243  $ 15,782  Three Months Ended June 30, 2020 Allowance for loan and lease losses, April 1 $ 808  $ 8,258  $ 6,700  $ 15,766  Loans and leases charged off (27) (985) (447) (1,459) Recoveries of loans and leases previously charged off 61  217  35  313  Net charge-offs 34  (768) (412) (1,146) Provision for loan and lease losses (9) 2,632  2,152  4,775  Other —  —  (6) (6) Allowance for loan and lease losses, June 30 833  10,122  8,434  19,389  Reserve for unfunded lending commitments, April 1 149  —  1,211  1,360  Provision for unfunded lending commitments (8) —  350  342  Reserve for unfunded lending commitments, June 30 141  —  1,561  1,702  Allowance for credit losses, June 30 $ 974  $ 10,122  $ 9,995  $ 21,091  (Dollars in millions) Six Months Ended June 30, 2021 Allowance for loan and lease losses, January 1 $ 858  $ 9,213  $ 8,731  $ 18,802  Loans and leases charged off (45) (1,776) (426) (2,247) Recoveries of loans and leases previously charged off 114  501  214  829  Net charge-offs 69  (1,275) (212) (1,418) Provision for loan and lease losses (329) (1,104) (1,858) (3,291) Other (1) 1  2  2  Allowance for loan and lease losses, June 30 597  6,835  6,663  14,095  Reserve for unfunded lending commitments, January 1 137  —  1,741  1,878  Provision for unfunded lending commitments (30) —  (160) (190) Other —  —  (1) (1) Reserve for unfunded lending commitments, June 30 107  —  1,580  1,687  Allowance for credit losses, June 30 $ 704  $ 6,835  $ 8,243  $ 15,782  Six Months Ended June 30, 2020 Allowance for loan and lease losses, January 1 $ 440  $ 7,430  $ 4,488  $ 12,358  Loans and leases charged off (62) (2,106) (729) (2,897) Recoveries of loans and leases previously charged off 108  454  67  629  Net charge-offs 46  (1,652) (662) (2,268) Provision for loan and lease losses 342  4,344  4,614  9,300  Other 5  —  (6) (1) Allowance for loan and lease losses, June 30 833  10,122  8,434  19,389  Reserve for unfunded lending commitments, January 1 119  —  1,004  1,123  Provision for unfunded lending commitments 22  —  556  578  Other —  —  1  1  Reserve for unfunded lending commitments, June 30 141  —  1,561  1,702  Allowance for credit losses, June 30 $ 974  $ 10,122  $ 9,995  $ 21,091