|
Outstanding Loans and Leases (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Loans and Leases Receivable, Net of Deferred Income [Abstract] |
|
| Loans And Leases Outstanding |
The following tables present total outstanding loans and leases and an aging analysis for the Corporation's Home Loans, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2013 and December 31, 2012.
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September 30, 2013 |
(Dollars in millions) |
30-59 Days
Past Due (1)
|
60-89 Days
Past Due (1)
|
90 Days or
More Past Due (2)
|
Total
Past Due
30 Days
or More
|
Total Current
or Less Than 30
Days Past Due (3)
|
Purchased
Credit -
impaired (4)
|
Loans
Accounted for
Under the Fair
Value Option |
Total
Outstandings |
Home loans |
|
|
|
|
|
|
|
|
Core portfolio |
|
|
|
|
|
|
|
|
Residential mortgage (5)
|
$ |
2,182 |
|
$ |
766 |
|
$ |
7,452 |
|
$ |
10,400 |
|
$ |
167,108 |
|
|
|
$ |
177,508 |
|
Home equity |
230 |
|
118 |
|
654 |
|
1,002 |
|
54,714 |
|
|
|
55,716 |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
|
Residential mortgage (6)
|
2,952 |
|
1,485 |
|
18,793 |
|
23,230 |
|
32,694 |
|
$ |
20,064 |
|
|
75,988 |
|
Home equity |
439 |
|
234 |
|
1,289 |
|
1,962 |
|
31,871 |
|
7,104 |
|
|
40,937 |
|
Credit card and other consumer |
|
|
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|
|
|
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U.S. credit card |
609 |
|
454 |
|
1,049 |
|
2,112 |
|
88,168 |
|
|
|
90,280 |
|
Non-U.S. credit card |
67 |
|
55 |
|
142 |
|
264 |
|
10,819 |
|
|
|
11,083 |
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Direct/Indirect consumer (7)
|
398 |
|
188 |
|
456 |
|
1,042 |
|
82,993 |
|
|
|
84,035 |
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Other consumer (8)
|
24 |
|
9 |
|
19 |
|
52 |
|
1,861 |
|
|
|
1,913 |
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Total consumer loans |
6,901 |
|
3,309 |
|
29,854 |
|
40,064 |
|
470,228 |
|
27,168 |
|
|
537,460 |
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Consumer loans accounted for under the fair value option (9)
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|
|
|
$ |
2,186 |
|
2,186 |
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Total consumer |
6,901 |
|
3,309 |
|
29,854 |
|
40,064 |
|
470,228 |
|
27,168 |
|
2,186 |
|
539,646 |
|
Commercial |
|
|
|
|
|
|
|
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U.S. commercial |
187 |
|
124 |
|
445 |
|
756 |
|
210,358 |
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|
|
211,114 |
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Commercial real estate (10)
|
44 |
|
108 |
|
440 |
|
592 |
|
44,348 |
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|
|
44,940 |
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Commercial lease financing |
29 |
|
53 |
|
72 |
|
154 |
|
24,435 |
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|
|
24,589 |
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Non-U.S. commercial |
286 |
|
1 |
|
3 |
|
290 |
|
92,655 |
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|
92,945 |
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U.S. small business commercial |
71 |
|
58 |
|
128 |
|
257 |
|
12,891 |
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|
13,148 |
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Total commercial loans |
617 |
|
344 |
|
1,088 |
|
2,049 |
|
384,687 |
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|
|
386,736 |
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Commercial loans accounted for under the fair value option (9)
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|
|
|
|
|
8,010 |
|
8,010 |
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Total commercial |
617 |
|
344 |
|
1,088 |
|
2,049 |
|
384,687 |
|
|
8,010 |
|
394,746 |
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Total loans and leases |
$ |
7,518 |
|
$ |
3,653 |
|
$ |
30,942 |
|
$ |
42,113 |
|
$ |
854,915 |
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$ |
27,168 |
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$ |
10,196 |
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$ |
934,392 |
|
Percentage of outstandings |
0.81 |
% |
0.39 |
% |
3.31 |
% |
4.51 |
% |
91.49 |
% |
2.91 |
% |
1.09 |
% |
|
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|
(1) |
Home loans 30-59 days past due includes fully-insured loans of $2.6 billion and nonperforming loans of $736 million. Home loans 60-89 days past due includes fully-insured loans of $1.2 billion and nonperforming loans of $494 million.
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(2) |
Home loans includes fully-insured loans of $18.0 billion.
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(3) |
Home loans includes $6.2 billion and direct/indirect consumer includes $39 million of nonperforming loans.
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(4) |
PCI loan amounts are shown gross of the valuation allowance. |
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(5) |
Total outstandings includes non-U.S. residential mortgage loans of $87 million.
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(6) |
Total outstandings includes pay option loans of $5.2 billion. The Corporation no longer originates this product.
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(7) |
Total outstandings includes dealer financial services loans of $39.5 billion, consumer lending loans of $3.1 billion, U.S. securities-based lending loans of $30.4 billion, non-U.S. consumer loans of $5.7 billion, student loans of $4.3 billion and other consumer loans of $1.0 billion.
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(8) |
Total outstandings includes consumer finance loans of $1.2 billion, consumer leases of $492 million, consumer overdrafts of $175 million and other non-U.S. consumer loans of $5 million.
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(9) |
Consumer loans accounted for under the fair value option were residential mortgage loans of $2.2 billion. Commercial loans accounted for under the fair value option were U.S. commercial loans of $1.8 billion and non-U.S. commercial loans of $6.2 billion. For additional information, see Note 16 – Fair Value Measurements and Note 17 – Fair Value Option.
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(10) |
Total outstandings includes U.S. commercial real estate loans of $43.5 billion and non-U.S. commercial real estate loans of $1.4 billion.
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December 31, 2012 |
(Dollars in millions) |
30-59 Days
Past Due (1)
|
60-89 Days
Past Due (1)
|
90 Days or
More Past Due (2)
|
Total
Past Due
30 Days
or More
|
Total Current
or Less Than 30
Days Past Due (3)
|
Purchased
Credit -
impaired (4)
|
Loans
Accounted for
Under the Fair
Value Option |
Total
Outstandings |
Home loans |
|
|
|
|
|
|
|
|
Core portfolio |
|
|
|
|
|
|
|
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Residential mortgage (5)
|
$ |
2,274 |
|
$ |
806 |
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$ |
6,227 |
|
$ |
9,307 |
|
$ |
160,809 |
|
|
|
$ |
170,116 |
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Home equity |
273 |
|
146 |
|
591 |
|
1,010 |
|
59,841 |
|
|
|
60,851 |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
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Residential mortgage (6)
|
2,938 |
|
1,714 |
|
26,728 |
|
31,380 |
|
33,982 |
|
$ |
17,451 |
|
|
82,813 |
|
Home equity |
608 |
|
357 |
|
1,444 |
|
2,409 |
|
36,213 |
|
8,667 |
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|
47,289 |
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Credit card and other consumer |
|
|
|
|
|
|
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U.S. credit card |
729 |
|
582 |
|
1,437 |
|
2,748 |
|
92,087 |
|
|
|
94,835 |
|
Non-U.S. credit card |
106 |
|
85 |
|
212 |
|
403 |
|
11,294 |
|
|
|
11,697 |
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Direct/Indirect consumer (7)
|
569 |
|
239 |
|
573 |
|
1,381 |
|
81,824 |
|
|
|
83,205 |
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Other consumer (8)
|
48 |
|
19 |
|
4 |
|
71 |
|
1,557 |
|
|
|
1,628 |
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Total consumer loans |
7,545 |
|
3,948 |
|
37,216 |
|
48,709 |
|
477,607 |
|
26,118 |
|
|
552,434 |
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Consumer loans accounted for under the fair value option (9)
|
|
|
|
|
|
|
$ |
1,005 |
|
1,005 |
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Total consumer |
7,545 |
|
3,948 |
|
37,216 |
|
48,709 |
|
477,607 |
|
26,118 |
|
1,005 |
|
553,439 |
|
Commercial |
|
|
|
|
|
|
|
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U.S. commercial |
323 |
|
133 |
|
639 |
|
1,095 |
|
196,031 |
|
|
|
197,126 |
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Commercial real estate (10)
|
79 |
|
144 |
|
983 |
|
1,206 |
|
37,431 |
|
|
|
38,637 |
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Commercial lease financing |
84 |
|
79 |
|
30 |
|
193 |
|
23,650 |
|
|
|
23,843 |
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Non-U.S. commercial |
2 |
|
— |
|
— |
|
2 |
|
74,182 |
|
|
|
74,184 |
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U.S. small business commercial |
101 |
|
75 |
|
168 |
|
344 |
|
12,249 |
|
|
|
12,593 |
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Total commercial loans |
589 |
|
431 |
|
1,820 |
|
2,840 |
|
343,543 |
|
|
|
346,383 |
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Commercial loans accounted for under the fair value option (9)
|
|
|
|
|
|
|
7,997 |
|
7,997 |
|
Total commercial |
589 |
|
431 |
|
1,820 |
|
2,840 |
|
343,543 |
|
|
7,997 |
|
354,380 |
|
Total loans and leases |
$ |
8,134 |
|
$ |
4,379 |
|
$ |
39,036 |
|
$ |
51,549 |
|
$ |
821,150 |
|
$ |
26,118 |
|
$ |
9,002 |
|
$ |
907,819 |
|
Percentage of outstandings |
0.90 |
% |
0.48 |
% |
4.30 |
% |
5.68 |
% |
90.45 |
% |
2.88 |
% |
0.99 |
% |
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|
(1) |
Home loans 30-59 days past due includes fully-insured loans of $2.3 billion and nonperforming loans of $702 million. Home loans 60-89 days past due includes fully-insured loans of $1.3 billion and nonperforming loans of $558 million.
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(2) |
Home loans includes fully-insured loans of $22.2 billion.
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(3) |
Home loans includes $5.5 billion and direct/indirect consumer includes $63 million of nonperforming loans.
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(4) |
PCI loan amounts are shown gross of the valuation allowance. |
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(5) |
Total outstandings includes non-U.S. residential mortgage loans of $93 million.
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(6) |
Total outstandings includes pay option loans of $6.7 billion. The Corporation no longer originates this product.
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(7) |
Total outstandings includes dealer financial services loans of $35.9 billion, consumer lending loans of $4.7 billion, U.S. securities-based lending loans of $28.3 billion, non-U.S. consumer loans of $8.3 billion, student loans of $4.8 billion and other consumer loans of $1.2 billion.
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(8) |
Total outstandings includes consumer finance loans of $1.4 billion, consumer leases of $34 million, consumer overdrafts of $177 million and other non-U.S. consumer loans of $5 million.
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(9) |
Consumer loans accounted for under the fair value option were residential mortgage loans of $1.0 billion. Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.3 billion and non-U.S. commercial loans of $5.7 billion. For additional information, see Note 16 – Fair Value Measurements and Note 17 – Fair Value Option.
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(10) |
Total outstandings includes U.S. commercial real estate loans of $37.2 billion and non-U.S. commercial real estate loans of $1.5 billion.
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|
| 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, 2013 and December 31, 2012. 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 2012 Annual Report on Form 10-K.
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Credit Quality |
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Nonperforming Loans and Leases (1)
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|
Accruing Past Due 90 Days or More |
(Dollars in millions) |
September 30
2013 |
|
December 31
2012 |
|
September 30
2013 |
|
December 31
2012 |
Home loans |
|
|
|
|
|
|
|
Core portfolio |
|
|
|
|
|
|
|
Residential mortgage (2)
|
$ |
3,479 |
|
|
$ |
3,193 |
|
|
$ |
5,207 |
|
|
$ |
3,984 |
|
Home equity |
1,417 |
|
|
1,265 |
|
|
— |
|
|
— |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
Residential mortgage (2)
|
9,849 |
|
|
11,862 |
|
|
12,753 |
|
|
18,173 |
|
Home equity |
2,759 |
|
|
3,017 |
|
|
— |
|
|
— |
|
Credit card and other consumer |
|
|
|
|
|
|
|
U.S. credit card |
n/a |
|
|
n/a |
|
|
1,049 |
|
|
1,437 |
|
Non-U.S. credit card |
n/a |
|
|
n/a |
|
|
142 |
|
|
212 |
|
Direct/Indirect consumer |
59 |
|
|
92 |
|
|
437 |
|
|
545 |
|
Other consumer |
18 |
|
|
2 |
|
|
1 |
|
|
2 |
|
Total consumer |
17,581 |
|
|
19,431 |
|
|
19,589 |
|
|
24,353 |
|
Commercial |
|
|
|
|
|
|
|
U.S. commercial |
1,059 |
|
|
1,484 |
|
|
57 |
|
|
65 |
|
Commercial real estate |
488 |
|
|
1,513 |
|
|
76 |
|
|
29 |
|
Commercial lease financing |
49 |
|
|
44 |
|
|
66 |
|
|
15 |
|
Non-U.S. commercial |
86 |
|
|
68 |
|
|
3 |
|
|
— |
|
U.S. small business commercial |
103 |
|
|
115 |
|
|
83 |
|
|
120 |
|
Total commercial |
1,785 |
|
|
3,224 |
|
|
285 |
|
|
229 |
|
Total loans and leases |
$ |
19,366 |
|
|
$ |
22,655 |
|
|
$ |
19,874 |
|
|
$ |
24,582 |
|
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|
(1) |
Nonperforming loan balances did not include nonaccruing TDRs removed from the PCI loan portfolio prior to January 1, 2010 of $356 million and $521 million at September 30, 2013 and December 31, 2012.
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(2) |
Residential mortgage loans in the Core and Legacy Assets & Servicing portfolios accruing past due 90 days or more are fully-insured loans. At September 30, 2013 and December 31, 2012, residential mortgage includes $13.9 billion and $17.8 billion of loans on which interest has been curtailed by the FHA, and therefore are no longer accruing interest, although principal is still insured, and $4.1 billion and $4.4 billion 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 Home Loans, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at September 30, 2013 and December 31, 2012.
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|
Home Loans – Credit Quality Indicators (1)
|
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|
|
|
|
|
September 30, 2013 |
(Dollars in millions) |
Core Portfolio Residential Mortgage (2)
|
Legacy Assets & Servicing Residential Mortgage (2)
|
Residential
Mortgage PCI (3)
|
Core Portfolio Home Equity (2)
|
Legacy Assets & Servicing Home Equity (2)
|
Home
Equity PCI
|
Refreshed LTV (4)
|
|
|
|
|
|
|
Less than or equal to 90 percent |
$ |
92,172 |
|
$ |
22,199 |
|
$ |
10,760 |
|
$ |
44,827 |
|
$ |
15,827 |
|
$ |
1,963 |
|
Greater than 90 percent but less than or equal to 100 percent |
6,983 |
|
4,526 |
|
3,011 |
|
4,374 |
|
4,290 |
|
668 |
|
Greater than 100 percent |
8,212 |
|
10,466 |
|
6,293 |
|
6,515 |
|
13,716 |
|
4,473 |
|
Fully-insured loans (5)
|
70,141 |
|
18,733 |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
177,508 |
|
$ |
55,924 |
|
$ |
20,064 |
|
$ |
55,716 |
|
$ |
33,833 |
|
$ |
7,104 |
|
|
|
|
|
|
|
|
Refreshed FICO score |
|
|
|
|
|
|
Less than 620 |
$ |
6,032 |
|
$ |
11,770 |
|
$ |
10,871 |
|
$ |
2,413 |
|
$ |
4,478 |
|
$ |
1,296 |
|
Greater than or equal to 620 and less than 680 |
7,955 |
|
5,919 |
|
3,363 |
|
4,187 |
|
5,240 |
|
1,272 |
|
Greater than or equal to 680 and less than 740 |
25,097 |
|
8,133 |
|
3,056 |
|
11,840 |
|
9,414 |
|
2,018 |
|
Greater than or equal to 740 |
68,283 |
|
11,369 |
|
2,774 |
|
37,276 |
|
14,701 |
|
2,518 |
|
Fully-insured loans (5)
|
70,141 |
|
18,733 |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
177,508 |
|
$ |
55,924 |
|
$ |
20,064 |
|
$ |
55,716 |
|
$ |
33,833 |
|
$ |
7,104 |
|
|
|
(1) |
Excludes $2.2 billion of loans accounted for under the fair value option.
|
|
|
(3) |
Includes $4.7 billion of pay option loans. The Corporation no longer originates this product.
|
|
|
(4) |
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. |
|
|
(5) |
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Credit Quality Indicators |
|
September 30, 2013 |
(Dollars in millions) |
U.S. Credit
Card |
|
Non-U.S.
Credit Card |
|
Direct/Indirect
Consumer |
|
Other
Consumer (1)
|
Refreshed FICO score |
|
|
|
|
|
|
|
Less than 620 |
$ |
5,112 |
|
|
$ |
— |
|
|
$ |
1,293 |
|
|
$ |
571 |
|
Greater than or equal to 620 and less than 680 |
13,106 |
|
|
— |
|
|
3,264 |
|
|
273 |
|
Greater than or equal to 680 and less than 740 |
36,054 |
|
|
— |
|
|
10,087 |
|
|
205 |
|
Greater than or equal to 740 |
36,008 |
|
|
— |
|
|
27,419 |
|
|
193 |
|
Other internal credit metrics (2, 3, 4)
|
— |
|
|
11,083 |
|
|
41,972 |
|
|
671 |
|
Total credit card and other consumer |
$ |
90,280 |
|
|
$ |
11,083 |
|
|
$ |
84,035 |
|
|
$ |
1,913 |
|
|
|
(1) |
65 percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited.
|
|
|
(2) |
Other internal credit metrics may include delinquency status, geography or other factors. |
|
|
(3) |
Direct/indirect consumer includes $36.0 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $4.3 billion of loans the Corporation no longer originates.
|
|
|
(4) |
Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At September 30, 2013, 98 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and one percent was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial – Credit Quality Indicators (1)
|
|
September 30, 2013 |
(Dollars in millions) |
U.S.
Commercial |
|
Commercial
Real Estate
|
|
Commercial
Lease
Financing |
|
Non-U.S.
Commercial |
|
U.S. Small
Business
Commercial (2)
|
Risk ratings |
|
|
|
|
|
|
|
|
|
Pass rated |
$ |
203,620 |
|
|
$ |
43,135 |
|
|
$ |
23,500 |
|
|
$ |
91,399 |
|
|
$ |
1,313 |
|
Reservable criticized |
7,494 |
|
|
1,805 |
|
|
1,089 |
|
|
1,546 |
|
|
391 |
|
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
235 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
548 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
1,594 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
2,820 |
|
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
6,247 |
|
Total commercial |
$ |
211,114 |
|
|
$ |
44,940 |
|
|
$ |
24,589 |
|
|
$ |
92,945 |
|
|
$ |
13,148 |
|
|
|
(1) |
Excludes $8.0 billion of loans accounted for under the fair value option.
|
|
|
(2) |
U.S. small business commercial includes $295 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. At September 30, 2013, 99 percent of the balances where internal credit metrics are used was current or less than 30 days past due.
|
|
|
(3) |
Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. |
|
|
(4) |
Other internal credit metrics may include delinquency status, application scores, geography or other factors. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans – Credit Quality Indicators (1)
|
|
|
|
|
|
|
|
December 31, 2012 |
(Dollars in millions) |
Core Portfolio
Residential
Mortgage (2)
|
Legacy Assets & Servicing
Residential Mortgage (2)
|
Residential
Mortgage PCI (3)
|
Core Portfolio Home Equity (2)
|
Legacy Assets & Servicing Home
Equity (2)
|
Home
Equity PCI
|
Refreshed LTV (4)
|
|
|
|
|
|
|
Less than or equal to 90 percent |
$ |
80,585 |
|
$ |
20,613 |
|
$ |
8,581 |
|
$ |
44,971 |
|
$ |
15,922 |
|
$ |
2,074 |
|
Greater than 90 percent but less than or equal to 100 percent |
8,891 |
|
5,097 |
|
2,368 |
|
5,825 |
|
4,507 |
|
805 |
|
Greater than 100 percent |
12,984 |
|
16,454 |
|
6,502 |
|
10,055 |
|
18,193 |
|
5,788 |
|
Fully-insured loans (5)
|
67,656 |
|
23,198 |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
170,116 |
|
$ |
65,362 |
|
$ |
17,451 |
|
$ |
60,851 |
|
$ |
38,622 |
|
$ |
8,667 |
|
|
|
|
|
|
|
|
Refreshed FICO score |
|
|
|
|
|
|
Less than 620 |
$ |
6,366 |
|
$ |
14,320 |
|
$ |
8,647 |
|
$ |
2,586 |
|
$ |
5,411 |
|
$ |
1,989 |
|
Greater than or equal to 620 and less than 680 |
8,561 |
|
6,157 |
|
2,712 |
|
4,500 |
|
5,921 |
|
1,529 |
|
Greater than or equal to 680 and less than 740 |
25,141 |
|
8,611 |
|
2,976 |
|
12,625 |
|
10,395 |
|
2,299 |
|
Greater than or equal to 740 |
62,392 |
|
13,076 |
|
3,116 |
|
41,140 |
|
16,895 |
|
2,850 |
|
Fully-insured loans (5)
|
67,656 |
|
23,198 |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
170,116 |
|
$ |
65,362 |
|
$ |
17,451 |
|
$ |
60,851 |
|
$ |
38,622 |
|
$ |
8,667 |
|
|
|
(1) |
Excludes $1.0 billion of loans accounted for under the fair value option.
|
|
|
(3) |
Includes $6.1 billion of pay option loans. The Corporation no longer originates this product.
|
|
|
(4) |
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. |
|
|
(5) |
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Credit Quality Indicators |
|
December 31, 2012 |
(Dollars in millions) |
U.S. Credit
Card |
|
Non-U.S.
Credit Card |
|
Direct/Indirect
Consumer |
|
Other
Consumer (1)
|
Refreshed FICO score |
|
|
|
|
|
|
|
Less than 620 |
$ |
6,188 |
|
|
$ |
— |
|
|
$ |
1,896 |
|
|
$ |
668 |
|
Greater than or equal to 620 and less than 680 |
13,947 |
|
|
— |
|
|
3,367 |
|
|
301 |
|
Greater than or equal to 680 and less than 740 |
37,167 |
|
|
— |
|
|
9,592 |
|
|
232 |
|
Greater than or equal to 740 |
37,533 |
|
|
— |
|
|
25,164 |
|
|
212 |
|
Other internal credit metrics (2, 3, 4)
|
— |
|
|
11,697 |
|
|
43,186 |
|
|
215 |
|
Total credit card and other consumer |
$ |
94,835 |
|
|
$ |
11,697 |
|
|
$ |
83,205 |
|
|
$ |
1,628 |
|
|
|
(1) |
87 percent of the other consumer portfolio is associated with portfolios from certain consumer finance businesses that the Corporation previously exited.
|
|
|
(2) |
Other internal credit metrics may include delinquency status, geography or other factors. |
|
|
(3) |
Direct/indirect consumer includes $36.5 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $4.8 billion of loans the Corporation no longer originates.
|
|
|
(4) |
Non-U.S. credit card represents the U.K. credit card portfolio which is evaluated using internal credit metrics, including delinquency status. At December 31, 2012, 97 percent of this portfolio was current or less than 30 days past due, one percent was 30-89 days past due and two percent was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial – Credit Quality Indicators (1)
|
|
December 31, 2012 |
(Dollars in millions) |
U.S.
Commercial |
|
Commercial Real Estate |
|
Commercial
Lease
Financing |
|
Non-U.S.
Commercial |
|
U.S. Small
Business
Commercial (2)
|
Risk ratings |
|
|
|
|
|
|
|
|
|
Pass rated |
$ |
189,602 |
|
|
$ |
34,968 |
|
|
$ |
22,874 |
|
|
$ |
72,688 |
|
|
$ |
1,690 |
|
Reservable criticized |
7,524 |
|
|
3,669 |
|
|
969 |
|
|
1,496 |
|
|
573 |
|
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
400 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
580 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
1,553 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
2,496 |
|
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
5,301 |
|
Total commercial |
$ |
197,126 |
|
|
$ |
38,637 |
|
|
$ |
23,843 |
|
|
$ |
74,184 |
|
|
$ |
12,593 |
|
|
|
(1) |
Excludes $8.0 billion of loans accounted for under the fair value option.
|
|
|
(2) |
U.S. small business commercial includes $366 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. At December 31, 2012, 98 percent of the balances where internal credit metrics are used was current or less than 30 days past due.
|
|
|
(3) |
Refreshed FICO score and other internal credit metrics are applicable only to the U.S. small business commercial portfolio. |
|
|
(4) |
Other internal credit metrics may include delinquency status, application scores, geography or other factors. |
|
|
Impaired Loans and Troubled Debt Restructurings |
|
| Impaired Financing Receivables |
The table below presents impaired loans in the Corporation's Home Loans portfolio segment at September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012, and includes primarily loans managed by Legacy Assets & Servicing. Certain impaired home loans do not have a related allowance as the current valuation of these impaired loans exceeded the carrying value.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Home Loans |
|
|
|
|
|
September 30, 2013 |
|
December 31, 2012 |
(Dollars in millions) |
|
|
|
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
22,528 |
|
|
$ |
17,165 |
|
|
n/a |
|
|
$ |
20,226 |
|
|
$ |
14,967 |
|
|
n/a |
|
Home equity |
|
|
|
|
3,002 |
|
|
1,328 |
|
|
n/a |
|
|
2,624 |
|
|
1,103 |
|
|
n/a |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
13,793 |
|
|
$ |
13,227 |
|
|
$ |
1,141 |
|
|
$ |
14,223 |
|
|
$ |
13,158 |
|
|
$ |
1,252 |
|
Home equity |
|
|
|
|
1,069 |
|
|
886 |
|
|
343 |
|
|
1,256 |
|
|
1,022 |
|
|
448 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
36,321 |
|
|
$ |
30,392 |
|
|
$ |
1,141 |
|
|
$ |
34,449 |
|
|
$ |
28,125 |
|
|
$ |
1,252 |
|
Home equity |
|
|
|
|
4,071 |
|
|
2,214 |
|
|
343 |
|
|
3,880 |
|
|
2,125 |
|
|
448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
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)
|
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
16,984 |
|
|
$ |
152 |
|
|
$ |
11,606 |
|
|
$ |
88 |
|
|
$ |
16,563 |
|
|
$ |
436 |
|
|
$ |
9,734 |
|
|
$ |
239 |
|
Home equity |
1,286 |
|
|
19 |
|
|
819 |
|
|
13 |
|
|
1,208 |
|
|
55 |
|
|
603 |
|
|
32 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
14,027 |
|
|
$ |
173 |
|
|
$ |
11,435 |
|
|
$ |
97 |
|
|
$ |
14,221 |
|
|
$ |
451 |
|
|
$ |
11,361 |
|
|
$ |
305 |
|
Home equity |
902 |
|
|
9 |
|
|
1,095 |
|
|
12 |
|
|
942 |
|
|
31 |
|
|
1,186 |
|
|
34 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
31,011 |
|
|
$ |
325 |
|
|
$ |
23,041 |
|
|
$ |
185 |
|
|
$ |
30,784 |
|
|
$ |
887 |
|
|
$ |
21,095 |
|
|
$ |
544 |
|
Home equity |
2,188 |
|
|
28 |
|
|
1,914 |
|
|
25 |
|
|
2,150 |
|
|
86 |
|
|
1,789 |
|
|
66 |
|
|
|
(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. |
n/a = not applicable
|
| Purchased Loans at Acquisition Date |
PCI loans are acquired loans with evidence of credit quality deterioration since origination for which it is probable at purchase date that the Corporation will be unable to collect all contractually required payments. The following table provides details on PCI loans acquired in connection with the FNMA Settlement during the nine months ended September 30, 2013.
|
|
|
|
|
Purchased Loans at Acquisition Date |
(Dollars in millions) |
|
Contractually required payments including interest |
$ |
8,274 |
|
Less: Nonaccretable difference |
2,159 |
|
Cash flows expected to be collected (1)
|
6,115 |
|
Less: Accretable yield |
1,125 |
|
Fair value of loans acquired |
$ |
4,990 |
|
|
|
(1) |
Represents undiscounted expected principal and interest cash flows at acquisition. |
|
| Accretable Yield Activity |
The table below shows activity for the accretable yield on PCI loans, which primarily includes the Countrywide Financial Corporation (Countrywide) portfolio and loans repurchased in connection with the FNMA Settlement. For more information on the FNMA Settlement, see Note 8 – Representations and Warranties Obligations and Corporate Guarantees. The amount of accretable yield is affected by changes in credit outlooks, including metrics such as default rates and loss severities, prepayments speeds, which can change the amount and period of time over which interest payments are expected to be received, and the interest rates on variable rate loans. The reclassifications from nonaccretable difference during the three and nine months ended September 30, 2013 were due to increases in expected cash flows driven by improved home prices and lower expected defaults, along with a decrease in prepayment speeds as a result of rising interest rates. Changes in the prepayment assumption affect the expected remaining life of the portfolio which results in a change to the amount of future interest cash flows.
|
|
|
|
|
|
|
|
Rollforward of Accretable Yield |
(Dollars in millions) |
Three Months Ended September 30, 2013 |
Nine Months Ended September 30, 2013 |
Accretable yield, beginning of period |
$ |
6,775 |
|
$ |
4,644 |
|
Accretion |
(303 |
) |
(901 |
) |
Loans purchased |
— |
|
1,125 |
|
Disposals/transfers |
(81 |
) |
(219 |
) |
Reclassifications from nonaccretable difference |
292 |
|
2,034 |
|
Accretable yield, September 30, 2013 |
$ |
6,683 |
|
$ |
6,683 |
|
|
|
Consumer Portfolio Segment [Member]
|
|
| Loans and Leases Receivable, Net of Deferred Income [Abstract] |
|
| Impaired Financing Receivables |
The table below provides information on the Corporation's renegotiated TDR portfolio in the Credit Card and Other Consumer portfolio segment at September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Credit Card and Other Consumer – Renegotiated TDRs |
|
|
|
|
|
September 30, 2013 |
|
December 31, 2012 |
(Dollars in millions) |
|
|
|
|
Unpaid
Principal
Balance |
|
Carrying
Value (1)
|
|
Related
Allowance |
|
Unpaid
Principal
Balance |
|
Carrying
Value (1)
|
|
Related
Allowance |
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
|
|
|
|
$ |
1,706 |
|
|
$ |
1,716 |
|
|
$ |
370 |
|
|
$ |
2,856 |
|
|
$ |
2,871 |
|
|
$ |
719 |
|
Non-U.S. credit card |
|
|
|
|
246 |
|
|
250 |
|
|
161 |
|
|
311 |
|
|
316 |
|
|
198 |
|
Direct/Indirect consumer |
|
|
|
|
351 |
|
|
352 |
|
|
104 |
|
|
633 |
|
|
636 |
|
|
210 |
|
Other consumer |
|
|
|
|
28 |
|
|
27 |
|
|
10 |
|
|
30 |
|
|
30 |
|
|
12 |
|
Without an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct/Indirect consumer |
|
|
|
|
81 |
|
|
37 |
|
|
— |
|
|
105 |
|
|
58 |
|
|
— |
|
Other consumer |
|
|
|
|
34 |
|
|
34 |
|
|
— |
|
|
35 |
|
|
35 |
|
|
— |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
|
|
|
|
$ |
1,706 |
|
|
$ |
1,716 |
|
|
$ |
370 |
|
|
$ |
2,856 |
|
|
$ |
2,871 |
|
|
$ |
719 |
|
Non-U.S. credit card |
|
|
|
|
246 |
|
|
250 |
|
|
161 |
|
|
311 |
|
|
316 |
|
|
198 |
|
Direct/Indirect consumer |
|
|
|
|
432 |
|
|
389 |
|
|
104 |
|
|
738 |
|
|
694 |
|
|
210 |
|
Other consumer |
|
|
|
|
62 |
|
|
61 |
|
|
10 |
|
|
65 |
|
|
65 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
$ |
1,926 |
|
|
$ |
30 |
|
|
$ |
3,727 |
|
|
$ |
58 |
|
|
$ |
2,310 |
|
|
$ |
108 |
|
|
$ |
4,380 |
|
|
$ |
204 |
|
Non-U.S. credit card |
254 |
|
|
2 |
|
|
447 |
|
|
2 |
|
|
274 |
|
|
6 |
|
|
509 |
|
|
7 |
|
Direct/Indirect consumer |
406 |
|
|
5 |
|
|
864 |
|
|
12 |
|
|
498 |
|
|
20 |
|
|
1,003 |
|
|
41 |
|
Other consumer |
27 |
|
|
1 |
|
|
30 |
|
|
— |
|
|
28 |
|
|
2 |
|
|
32 |
|
|
1 |
|
Without an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct/Indirect consumer |
38 |
|
|
— |
|
|
— |
|
|
— |
|
|
45 |
|
|
— |
|
|
— |
|
|
— |
|
Other consumer |
34 |
|
|
— |
|
|
34 |
|
|
1 |
|
|
34 |
|
|
1 |
|
|
35 |
|
|
2 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. credit card |
$ |
1,926 |
|
|
$ |
30 |
|
|
$ |
3,727 |
|
|
$ |
58 |
|
|
$ |
2,310 |
|
|
$ |
108 |
|
|
$ |
4,380 |
|
|
$ |
204 |
|
Non-U.S. credit card |
254 |
|
|
2 |
|
|
447 |
|
|
2 |
|
|
274 |
|
|
6 |
|
|
509 |
|
|
7 |
|
Direct/Indirect consumer |
444 |
|
|
5 |
|
|
864 |
|
|
12 |
|
|
543 |
|
|
20 |
|
|
1,003 |
|
|
41 |
|
Other consumer |
61 |
|
|
1 |
|
|
64 |
|
|
1 |
|
|
62 |
|
|
3 |
|
|
67 |
|
|
3 |
|
|
|
(1) |
Includes accrued interest and fees. |
|
|
(2) |
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. |
|
| Remaining Unpaid Principal Balance, Carrying Amount And Excluding Valuation Reserve |
The table below provides information on the Corporation's primary modification programs for the renegotiated TDR portfolio at September 30, 2013 and December 31, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Renegotiated TDRs by Program Type |
|
Internal Programs |
|
External Programs |
|
Other |
|
Total |
|
Percent of Balances Current or
Less Than 30 Days Past Due |
(Dollars in millions) |
September 30
2013 |
December 31
2012 |
|
September 30
2013 |
December 31
2012 |
|
September 30
2013 |
December 31
2012 |
|
September 30
2013 |
December 31
2012 |
|
September 30
2013 |
December 31
2012 |
U.S. credit card |
$ |
1,016 |
|
$ |
1,887 |
|
|
$ |
681 |
|
$ |
953 |
|
|
$ |
19 |
|
$ |
31 |
|
|
$ |
1,716 |
|
$ |
2,871 |
|
|
83.74 |
% |
81.48 |
% |
Non-U.S. credit card |
78 |
|
99 |
|
|
27 |
|
38 |
|
|
145 |
|
179 |
|
|
250 |
|
316 |
|
|
49.34 |
|
43.71 |
|
Direct/Indirect consumer |
215 |
|
405 |
|
|
131 |
|
225 |
|
|
43 |
|
64 |
|
|
389 |
|
694 |
|
|
84.62 |
|
83.11 |
|
Other consumer |
61 |
|
65 |
|
|
— |
|
— |
|
|
— |
|
— |
|
|
61 |
|
65 |
|
|
73.13 |
|
72.73 |
|
Total renegotiated TDRs |
$ |
1,370 |
|
$ |
2,456 |
|
|
$ |
839 |
|
$ |
1,216 |
|
|
$ |
207 |
|
$ |
274 |
|
|
$ |
2,416 |
|
$ |
3,946 |
|
|
80.04 |
|
78.58 |
|
|
| Renegotiated Troubled Debt Restructurings By Program Type |
The table below provides information on the Corporation's renegotiated TDR portfolio including the 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, 2013 and 2012, and net charge-offs that were recorded during the period in which the modification occurred.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Three Months September 30, 2013 and 2012 |
|
September 30, 2013 |
|
Three Months Ended September 30, 2013 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying
Value (1)
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
|
Net Charge-offs |
U.S. credit card |
$ |
100 |
|
|
$ |
102 |
|
|
16.86 |
% |
|
5.70 |
% |
|
$ |
2 |
|
Non-U.S. credit card |
61 |
|
|
64 |
|
|
26.09 |
|
|
0.67 |
|
|
2 |
|
Direct/Indirect consumer |
16 |
|
|
12 |
|
|
10.89 |
|
|
4.68 |
|
|
4 |
|
Other consumer |
2 |
|
|
2 |
|
|
9.10 |
|
|
6.01 |
|
|
— |
|
Total |
$ |
179 |
|
|
$ |
180 |
|
|
19.65 |
|
|
3.85 |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
U.S. credit card |
$ |
102 |
|
|
$ |
105 |
|
|
17.37 |
% |
|
6.32 |
% |
|
$ |
2 |
|
Non-U.S. credit card |
90 |
|
|
94 |
|
|
26.13 |
|
|
0.77 |
|
|
4 |
|
Direct/Indirect consumer |
14 |
|
|
14 |
|
|
15.40 |
|
|
3.90 |
|
|
2 |
|
Other consumer |
2 |
|
|
2 |
|
|
9.91 |
|
|
6.17 |
|
|
— |
|
Total |
$ |
208 |
|
|
$ |
215 |
|
|
21.00 |
|
|
3.73 |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Nine Months Ended September 30, 2013 and 2012 |
|
September 30, 2013 |
|
Nine Months Ended September 30, 2013 |
U.S. credit card |
$ |
237 |
|
|
$ |
240 |
|
|
16.88 |
% |
|
5.96 |
% |
|
$ |
16 |
|
Non-U.S. credit card |
138 |
|
|
143 |
|
|
26.04 |
|
|
0.87 |
|
|
78 |
|
Direct/Indirect consumer |
41 |
|
|
31 |
|
|
11.17 |
|
|
4.90 |
|
|
12 |
|
Other consumer |
4 |
|
|
5 |
|
|
9.35 |
|
|
5.40 |
|
|
— |
|
Total |
$ |
420 |
|
|
$ |
419 |
|
|
19.51 |
|
|
4.13 |
|
|
$ |
106 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Nine Months Ended September 30, 2012 |
U.S. credit card |
$ |
342 |
|
|
$ |
346 |
|
|
17.73 |
% |
|
6.37 |
% |
|
$ |
23 |
|
Non-U.S. credit card |
194 |
|
|
204 |
|
|
26.18 |
|
|
1.05 |
|
|
111 |
|
Direct/Indirect consumer |
50 |
|
|
51 |
|
|
15.40 |
|
|
4.14 |
|
|
3 |
|
Other consumer |
8 |
|
|
8 |
|
|
10.01 |
|
|
6.62 |
|
|
— |
|
Total |
$ |
594 |
|
|
$ |
609 |
|
|
20.26 |
|
|
4.41 |
|
|
$ |
137 |
|
|
|
(1) |
Includes accrued interest and fees. |
|
| Schedule of Renegotiated Troubled Debt Restructurings Primary Modifications |
The table below provides information on the Corporation's primary modification programs for the renegotiated TDR portfolio for loans that were modified in TDRs during the three and nine months ended September 30, 2013 and 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer – Renegotiated TDRs Entered into During the Period by Program Type |
|
Three Months Ended September 30, 2013 |
(Dollars in millions) |
Internal Programs |
|
External Programs |
|
Other |
|
Total |
U.S. credit card |
$ |
62 |
|
|
$ |
40 |
|
|
$ |
— |
|
|
$ |
102 |
|
Non-U.S. credit card |
32 |
|
|
32 |
|
|
— |
|
|
64 |
|
Direct/Indirect consumer |
4 |
|
|
2 |
|
|
6 |
|
|
12 |
|
Other consumer |
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Total renegotiated TDRs |
$ |
100 |
|
|
$ |
74 |
|
|
$ |
6 |
|
|
$ |
180 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2012 |
U.S. credit card |
$ |
64 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
105 |
|
Non-U.S. credit card |
51 |
|
|
43 |
|
|
— |
|
|
94 |
|
Direct/Indirect consumer |
9 |
|
|
5 |
|
|
— |
|
|
14 |
|
Other consumer |
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Total renegotiated TDRs |
$ |
126 |
|
|
$ |
89 |
|
|
$ |
— |
|
|
$ |
215 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
U.S. credit card |
$ |
132 |
|
|
$ |
108 |
|
|
$ |
— |
|
|
$ |
240 |
|
Non-U.S. credit card |
73 |
|
|
70 |
|
|
— |
|
|
143 |
|
Direct/Indirect consumer |
11 |
|
|
7 |
|
|
13 |
|
|
31 |
|
Other consumer |
5 |
|
|
— |
|
|
— |
|
|
5 |
|
Total renegotiated TDRs |
$ |
221 |
|
|
$ |
185 |
|
|
$ |
13 |
|
|
$ |
419 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
U.S. credit card |
$ |
221 |
|
|
$ |
125 |
|
|
$ |
— |
|
|
$ |
346 |
|
Non-U.S. credit card |
109 |
|
|
95 |
|
|
— |
|
|
204 |
|
Direct/Indirect consumer |
34 |
|
|
17 |
|
|
— |
|
|
51 |
|
Other consumer |
8 |
|
|
— |
|
|
— |
|
|
8 |
|
Total renegotiated TDRs |
$ |
372 |
|
|
$ |
237 |
|
|
$ |
— |
|
|
$ |
609 |
|
|
|
Commercial Financing Receivable [Member]
|
|
| Loans and Leases Receivable, Net of Deferred Income [Abstract] |
|
| Impaired Financing Receivables |
The table below presents impaired loans in the Corporation's Commercial loan portfolio segment at September 30, 2013 and December 31, 2012, and for the three and nine months ended September 30, 2013 and 2012. Certain impaired commercial loans do not have a related allowance as the valuation of these impaired loans exceeded the carrying value, which is net of previously recorded charge-offs.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans – Commercial |
|
|
|
|
|
September 30, 2013 |
|
December 31, 2012 |
(Dollars in millions) |
|
|
|
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
1,036 |
|
|
$ |
960 |
|
|
n/a |
|
|
$ |
1,220 |
|
|
$ |
1,109 |
|
|
n/a |
|
Commercial real estate |
|
|
|
|
525 |
|
|
503 |
|
|
n/a |
|
|
1,003 |
|
|
902 |
|
|
n/a |
|
Non-U.S. commercial |
|
|
|
|
51 |
|
|
40 |
|
|
n/a |
|
|
240 |
|
|
120 |
|
|
n/a |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
1,292 |
|
|
$ |
881 |
|
|
$ |
150 |
|
|
$ |
1,782 |
|
|
$ |
1,138 |
|
|
$ |
159 |
|
Commercial real estate |
|
|
|
|
1,099 |
|
|
702 |
|
|
74 |
|
|
2,287 |
|
|
1,262 |
|
|
201 |
|
Non-U.S. commercial |
|
|
|
|
235 |
|
|
57 |
|
|
17 |
|
|
280 |
|
|
33 |
|
|
18 |
|
U.S. small business commercial (1)
|
|
|
|
|
224 |
|
|
213 |
|
|
45 |
|
|
361 |
|
|
317 |
|
|
97 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
2,328 |
|
|
$ |
1,841 |
|
|
$ |
150 |
|
|
$ |
3,002 |
|
|
$ |
2,247 |
|
|
$ |
159 |
|
Commercial real estate |
|
|
|
|
1,624 |
|
|
1,205 |
|
|
74 |
|
|
3,290 |
|
|
2,164 |
|
|
201 |
|
Non-U.S. commercial |
|
|
|
|
286 |
|
|
97 |
|
|
17 |
|
|
520 |
|
|
153 |
|
|
18 |
|
U.S. small business commercial (1)
|
|
|
|
|
224 |
|
|
213 |
|
|
45 |
|
|
361 |
|
|
317 |
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2013 |
|
2012 |
|
2013 |
|
2012 |
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
|
Average
Carrying
Value |
|
Interest
Income
Recognized (2)
|
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
$ |
957 |
|
|
$ |
7 |
|
|
$ |
1,113 |
|
|
$ |
9 |
|
|
$ |
998 |
|
|
$ |
19 |
|
|
$ |
1,078 |
|
|
$ |
26 |
|
Commercial real estate |
525 |
|
|
3 |
|
|
1,318 |
|
|
4 |
|
|
670 |
|
|
10 |
|
|
1,661 |
|
|
12 |
|
Non-U.S. commercial |
65 |
|
|
— |
|
|
140 |
|
|
1 |
|
|
102 |
|
|
3 |
|
|
130 |
|
|
1 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
$ |
928 |
|
|
$ |
5 |
|
|
$ |
1,457 |
|
|
$ |
7 |
|
|
$ |
1,051 |
|
|
$ |
20 |
|
|
$ |
1,727 |
|
|
$ |
25 |
|
Commercial real estate |
661 |
|
|
5 |
|
|
1,552 |
|
|
3 |
|
|
880 |
|
|
14 |
|
|
1,865 |
|
|
13 |
|
Non-U.S. commercial |
68 |
|
|
— |
|
|
50 |
|
|
1 |
|
|
55 |
|
|
2 |
|
|
56 |
|
|
2 |
|
U.S. small business commercial (1)
|
218 |
|
|
1 |
|
|
392 |
|
|
3 |
|
|
253 |
|
|
5 |
|
|
433 |
|
|
10 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
$ |
1,885 |
|
|
$ |
12 |
|
|
$ |
2,570 |
|
|
$ |
16 |
|
|
$ |
2,049 |
|
|
$ |
39 |
|
|
$ |
2,805 |
|
|
$ |
51 |
|
Commercial real estate |
1,186 |
|
|
8 |
|
|
2,870 |
|
|
7 |
|
|
1,550 |
|
|
24 |
|
|
3,526 |
|
|
25 |
|
Non-U.S. commercial |
133 |
|
|
— |
|
|
190 |
|
|
2 |
|
|
157 |
|
|
5 |
|
|
186 |
|
|
3 |
|
U.S. small business commercial (1)
|
218 |
|
|
1 |
|
|
392 |
|
|
3 |
|
|
253 |
|
|
5 |
|
|
433 |
|
|
10 |
|
|
|
(1) |
Includes U.S. small business commercial renegotiated TDR loans and related allowance. |
|
|
(2) |
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. |
n/a = not applicable
|
| Remaining Unpaid Principal Balance, Carrying Amount And Excluding Valuation Reserve |
The table below presents the September 30, 2013 and 2012 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three and nine months ended September 30, 2013 and 2012, and net charge-offs that were recorded during the period in which the modification occurred. The table below includes loans that were initially classified as TDRs during the period and, beginning in the first quarter of 2013, also loans that had previously been classified as TDRs and were modified again during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial – TDRs Entered into During the Three Months Ended September 30, 2013 and 2012 |
|
September 30, 2013 |
|
Three Months Ended September 30, 2013 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying
Value
|
|
Net Charge-offs |
U.S. commercial |
$ |
361 |
|
|
$ |
357 |
|
|
$ |
27 |
|
Commercial real estate |
305 |
|
|
284 |
|
|
— |
|
Non-U.S. commercial |
— |
|
|
— |
|
|
— |
|
U.S. small business commercial (1)
|
2 |
|
|
3 |
|
|
— |
|
Total |
$ |
668 |
|
|
$ |
644 |
|
|
$ |
27 |
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
U.S. commercial |
$ |
152 |
|
|
$ |
143 |
|
|
$ |
— |
|
Commercial real estate |
373 |
|
|
350 |
|
|
5 |
|
Non-U.S. commercial |
22 |
|
|
22 |
|
|
— |
|
U.S. small business commercial (1)
|
5 |
|
|
6 |
|
|
1 |
|
Total |
$ |
552 |
|
|
$ |
521 |
|
|
$ |
6 |
|
|
|
|
|
|
|
Commercial – TDRs Entered into During the Nine Months Ended September 30, 2013 and 2012 |
|
September 30, 2013 |
|
Nine Months Ended September 30, 2013 |
U.S. commercial |
$ |
853 |
|
|
$ |
771 |
|
|
$ |
28 |
|
Commercial real estate |
615 |
|
|
569 |
|
|
3 |
|
Non-U.S. commercial |
21 |
|
|
7 |
|
|
— |
|
U.S. small business commercial (1)
|
7 |
|
|
7 |
|
|
1 |
|
Total |
$ |
1,496 |
|
|
$ |
1,354 |
|
|
$ |
32 |
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Nine Months Ended September 30, 2012 |
U.S. commercial |
$ |
558 |
|
|
$ |
534 |
|
|
$ |
15 |
|
Commercial real estate |
737 |
|
|
695 |
|
|
12 |
|
Non-U.S. commercial |
87 |
|
|
87 |
|
|
— |
|
U.S. small business commercial (1)
|
20 |
|
|
20 |
|
|
3 |
|
Total |
$ |
1,402 |
|
|
$ |
1,336 |
|
|
$ |
30 |
|
|
|
(1) |
U.S. small business commercial TDRs are comprised of renegotiated small business card loans.
|
|
|
Residential Mortgage [Member]
|
|
| Loans and Leases Receivable, Net of Deferred Income [Abstract] |
|
| Remaining Unpaid Principal Balance, Carrying Amount And Excluding Valuation Reserve |
The table below presents the September 30, 2013 and 2012 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of home loans that were modified in TDRs during the three and nine months ended September 30, 2013 and 2012, and net charge-offs that were recorded during the period in which the modification occurred. The following Home Loans 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. These TDRs are managed by Legacy Assets & Servicing.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans – TDRs Entered into During the Three Months Ended September 30, 2013 and 2012 (1)
|
|
September 30, 2013 |
|
Three Months Ended September 30, 2013 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying
Value
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
|
Net Charge-offs |
Residential mortgage |
$ |
3,275 |
|
|
$ |
2,947 |
|
|
5.22 |
% |
|
4.52 |
% |
|
$ |
64 |
|
Home equity |
220 |
|
|
147 |
|
|
5.58 |
|
|
4.33 |
|
|
36 |
|
Total |
$ |
3,495 |
|
|
$ |
3,094 |
|
|
5.22 |
|
|
4.51 |
|
|
$ |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
Residential mortgage |
$ |
7,823 |
|
|
$ |
6,250 |
|
|
5.66 |
% |
|
4.31 |
% |
|
$ |
129 |
|
Home equity |
1,570 |
|
|
689 |
|
|
4.69 |
|
|
4.54 |
|
|
479 |
|
Total |
$ |
9,393 |
|
|
$ |
6,939 |
|
|
5.51 |
|
|
4.34 |
|
|
$ |
608 |
|
|
|
|
|
|
|
|
|
|
|
Home Loans – TDRs Entered into During the Nine Months Ended September 30, 2013 and 2012 (1)
|
|
September 30, 2013 |
|
Nine Months Ended September 30, 2013 |
Residential mortgage |
$ |
10,295 |
|
|
$ |
9,153 |
|
|
5.34 |
% |
|
4.34 |
% |
|
$ |
169 |
|
Home equity |
706 |
|
|
425 |
|
|
5.55 |
|
|
4.17 |
|
|
139 |
|
Total |
$ |
11,001 |
|
|
$ |
9,578 |
|
|
5.35 |
|
|
4.34 |
|
|
$ |
308 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2012 |
|
Nine Months Ended September 30, 2012 |
Residential mortgage |
$ |
10,064 |
|
|
$ |
8,179 |
|
|
5.62 |
% |
|
4.29 |
% |
|
$ |
277 |
|
Home equity |
1,759 |
|
|
785 |
|
|
4.69 |
|
|
4.32 |
|
|
577 |
|
Total |
$ |
11,823 |
|
|
$ |
8,964 |
|
|
5.48 |
|
|
4.30 |
|
|
$ |
854 |
|
|
|
(1) |
TDRs entered into during the three and nine months ended September 30, 2013 include residential mortgage modifications with principal forgiveness of $118 million and $462 million. TDRs entered into during the three and nine months ended September 30, 2012 include residential mortgage modifications with principal forgiveness of $294 million and $462 million and home equity mortgage modifications of $2 million and
|
|
| Summary of Troubled Debt Restructuring Note, Debtor |
The following tables present the September 30, 2013 and 2012 carrying value for home loans that were modified in a TDR during the three and nine months ended September 30, 2013 and 2012 by type of modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans – Modification Programs |
|
TDRs Entered into During the
Three Months Ended September 30, 2013
|
(Dollars in millions) |
Residential Mortgage |
|
Home
Equity
|
|
Total Carrying Value |
Modifications under government programs |
|
|
|
|
|
Contractual interest rate reduction |
$ |
393 |
|
|
$ |
3 |
|
|
$ |
396 |
|
Principal and/or interest forbearance |
4 |
|
|
2 |
|
|
6 |
|
Other modifications (1)
|
18 |
|
|
— |
|
|
18 |
|
Total modifications under government programs |
415 |
|
|
5 |
|
|
420 |
|
Modifications under proprietary programs |
|
|
|
|
|
Contractual interest rate reduction |
764 |
|
|
13 |
|
|
777 |
|
Capitalization of past due amounts |
26 |
|
|
— |
|
|
26 |
|
Principal and/or interest forbearance |
57 |
|
|
7 |
|
|
64 |
|
Other modifications (1)
|
10 |
|
|
— |
|
|
10 |
|
Total modifications under proprietary programs |
857 |
|
|
20 |
|
|
877 |
|
Trial modifications |
1,395 |
|
|
51 |
|
|
1,446 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
280 |
|
|
71 |
|
|
351 |
|
Total modifications |
$ |
2,947 |
|
|
$ |
147 |
|
|
$ |
3,094 |
|
|
|
|
|
|
|
|
TDRs Entered into During the
Three Months Ended September 30, 2012
|
Modifications under government programs |
|
|
|
|
|
Contractual interest rate reduction |
$ |
83 |
|
|
$ |
21 |
|
|
$ |
104 |
|
Principal and/or interest forbearance |
20 |
|
|
11 |
|
|
31 |
|
Other modifications (1)
|
2 |
|
|
— |
|
|
2 |
|
Total modifications under government programs |
105 |
|
|
32 |
|
|
137 |
|
Modifications under proprietary programs |
|
|
|
|
|
Contractual interest rate reduction |
1,153 |
|
|
15 |
|
|
1,168 |
|
Capitalization of past due amounts |
58 |
|
|
— |
|
|
58 |
|
Principal and/or interest forbearance |
124 |
|
|
5 |
|
|
129 |
|
Other modifications (1)
|
28 |
|
|
6 |
|
|
34 |
|
Total modifications under proprietary programs |
1,363 |
|
|
26 |
|
|
1,389 |
|
Trial modifications |
1,905 |
|
|
43 |
|
|
1,948 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
2,877 |
|
|
588 |
|
|
3,465 |
|
Total modifications |
$ |
6,250 |
|
|
$ |
689 |
|
|
$ |
6,939 |
|
|
|
(1) |
Includes other modifications such as term or payment extensions and repayment plans. |
|
|
(2) |
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs in accordance with regulatory guidance implemented in the third quarter of 2012. The amount for the three months ended September 30, 2012 represents the cumulative impact upon adoption of the regulatory guidance. For the three months ended September 30, 2013, home loans of $196 million, or 56 percent of loans discharged in Chapter 7 bankruptcy, were current or less than 60 days past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans – Modification Programs |
|
TDRs Entered into During the
Nine Months Ended September 30, 2013
|
(Dollars in millions) |
Residential Mortgage |
|
Home
Equity
|
|
Total Carrying Value |
Modifications under government programs |
|
|
|
|
|
Contractual interest rate reduction |
$ |
1,127 |
|
|
$ |
27 |
|
|
$ |
1,154 |
|
Principal and/or interest forbearance |
32 |
|
|
14 |
|
|
46 |
|
Other modifications (1)
|
68 |
|
|
— |
|
|
68 |
|
Total modifications under government programs |
1,227 |
|
|
41 |
|
|
1,268 |
|
Modifications under proprietary programs |
|
|
|
|
|
Contractual interest rate reduction |
2,829 |
|
|
50 |
|
|
2,879 |
|
Capitalization of past due amounts |
98 |
|
|
— |
|
|
98 |
|
Principal and/or interest forbearance |
435 |
|
|
17 |
|
|
452 |
|
Other modifications (1)
|
89 |
|
|
14 |
|
|
103 |
|
Total modifications under proprietary programs |
3,451 |
|
|
81 |
|
|
3,532 |
|
Trial modifications |
3,442 |
|
|
71 |
|
|
3,513 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
1,033 |
|
|
232 |
|
|
1,265 |
|
Total modifications |
$ |
9,153 |
|
|
$ |
425 |
|
|
$ |
9,578 |
|
|
|
|
|
|
|
|
TDRs Entered into During the
Nine Months Ended September 30, 2012
|
Modifications under government programs |
|
|
|
|
|
Contractual interest rate reduction |
$ |
157 |
|
|
$ |
61 |
|
|
$ |
218 |
|
Principal and/or interest forbearance |
30 |
|
|
24 |
|
|
54 |
|
Other modifications (1)
|
18 |
|
|
— |
|
|
18 |
|
Total modifications under government programs |
205 |
|
|
85 |
|
|
290 |
|
Modifications under proprietary programs |
|
|
|
|
|
Contractual interest rate reduction |
2,054 |
|
|
28 |
|
|
2,082 |
|
Capitalization of past due amounts |
95 |
|
|
— |
|
|
95 |
|
Principal and/or interest forbearance |
248 |
|
|
9 |
|
|
257 |
|
Other modifications (1)
|
62 |
|
|
13 |
|
|
75 |
|
Total modifications under proprietary programs |
2,459 |
|
|
50 |
|
|
2,509 |
|
Trial modifications
|
2,638 |
|
|
62 |
|
|
2,700 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
2,877 |
|
|
588 |
|
|
3,465 |
|
Total modifications |
$ |
8,179 |
|
|
$ |
785 |
|
|
$ |
8,964 |
|
|
|
(1) |
Includes other modifications such as term or payment extensions and repayment plans. |
|
|
(2) |
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs in accordance with regulatory guidance implemented in the third quarter of 2012. The amount for the nine months ended September 30, 2012 represents the cumulative impact upon adoption of the regulatory guidance. For the nine months ended September 30, 2013, home loans of $671 million, or 53 percent of loans discharged in Chapter 7 bankruptcy, were current or less than 60 days past due.
|
|
| Schedule of Troubled Debt Restructurings Modified |
The table below presents the carrying value of loans that entered into payment default during the three and nine months ended September 30, 2013 and 2012 and that were modified in a TDR during the 12 months preceding payment default. A payment default for home loan TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Payment default on a trial modification where the borrower has not yet met the terms of the agreement are included in the table below if the borrower is 90 days or more past due three months after the offer to modify is made.
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans – TDRs Entering Payment Default That Were Modified During the Preceding 12 Months |
|
Three Months Ended September 30, 2013 |
(Dollars in millions) |
Residential Mortgage |
|
Home
Equity
|
|
Total Carrying Value |
Modifications under government programs |
$ |
86 |
|
|
$ |
— |
|
|
$ |
86 |
|
Modifications under proprietary programs |
185 |
|
|
— |
|
|
185 |
|
Loans discharged in Chapter 7 bankruptcy (1)
|
205 |
|
|
3 |
|
|
208 |
|
Trial modifications |
1,205 |
|
|
3 |
|
|
1,208 |
|
Total modifications |
$ |
1,681 |
|
|
$ |
6 |
|
|
$ |
1,687 |
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2012 |
Modifications under government programs |
$ |
27 |
|
|
$ |
2 |
|
|
$ |
29 |
|
Modifications under proprietary programs |
135 |
|
|
2 |
|
|
137 |
|
Trial modifications |
671 |
|
|
7 |
|
|
678 |
|
Total modifications |
$ |
833 |
|
|
$ |
11 |
|
|
$ |
844 |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2013 |
Modifications under government programs |
$ |
244 |
|
|
$ |
2 |
|
|
$ |
246 |
|
Modifications under proprietary programs |
731 |
|
|
4 |
|
|
735 |
|
Loans discharged in Chapter 7 bankruptcy (1)
|
809 |
|
|
27 |
|
|
836 |
|
Trial modifications |
3,142 |
|
|
8 |
|
|
3,150 |
|
Total modifications |
$ |
4,926 |
|
|
$ |
41 |
|
|
$ |
4,967 |
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
Modifications under government programs |
$ |
167 |
|
|
$ |
6 |
|
|
$ |
173 |
|
Modifications under proprietary programs |
753 |
|
|
11 |
|
|
764 |
|
Trial modifications |
963 |
|
|
16 |
|
|
979 |
|
Total modifications |
$ |
1,883 |
|
|
$ |
33 |
|
|
$ |
1,916 |
|
|
|
(1) |
Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs in accordance with regulatory guidance implemented in the third quarter of 2012. |
|