|
Outstanding Loans and Leases (Tables)
|
9 Months Ended |
|
Sep. 30, 2012
|
| 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 at September 30, 2012 and December 31, 2011.
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September 30, 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 |
|
|
|
|
|
|
|
|
Residential mortgage (5)
|
$ |
2,234 |
|
$ |
761 |
|
$ |
4,875 |
|
$ |
7,870 |
|
$ |
163,603 |
|
|
|
$ |
171,473 |
|
Home equity |
284 |
|
152 |
|
544 |
|
980 |
|
61,548 |
|
|
|
62,528 |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
|
Residential mortgage |
2,920 |
|
1,615 |
|
28,495 |
|
33,030 |
|
33,501 |
|
$ |
9,336 |
|
|
75,867 |
|
Home equity |
649 |
|
357 |
|
1,488 |
|
2,494 |
|
37,529 |
|
9,709 |
|
|
49,732 |
|
Discontinued real estate (6)
|
57 |
|
22 |
|
275 |
|
354 |
|
719 |
|
8,803 |
|
|
9,876 |
|
Credit card and other consumer |
|
|
|
|
|
|
|
|
U.S. credit card |
798 |
|
585 |
|
1,471 |
|
2,854 |
|
90,308 |
|
|
|
93,162 |
|
Non-U.S. credit card |
114 |
|
90 |
|
224 |
|
428 |
|
12,892 |
|
|
|
13,320 |
|
Direct/Indirect consumer (7)
|
559 |
|
267 |
|
604 |
|
1,430 |
|
80,974 |
|
|
|
82,404 |
|
Other consumer (8)
|
52 |
|
20 |
|
2 |
|
74 |
|
2,640 |
|
|
|
2,714 |
|
Total consumer loans |
7,667 |
|
3,869 |
|
37,978 |
|
49,514 |
|
483,714 |
|
27,848 |
|
|
561,076 |
|
Consumer loans accounted for under the fair value option (9)
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|
|
|
|
|
|
$ |
1,202 |
|
1,202 |
|
Total consumer |
7,667 |
|
3,869 |
|
37,978 |
|
49,514 |
|
483,714 |
|
27,848 |
|
1,202 |
|
562,278 |
|
Commercial |
|
|
|
|
|
|
|
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U.S. commercial |
159 |
|
170 |
|
708 |
|
1,037 |
|
191,726 |
|
|
|
192,763 |
|
Commercial real estate (10)
|
92 |
|
95 |
|
1,135 |
|
1,322 |
|
36,257 |
|
|
|
37,579 |
|
Commercial lease financing |
28 |
|
20 |
|
30 |
|
78 |
|
22,777 |
|
|
|
22,855 |
|
Non-U.S. commercial |
2 |
|
— |
|
— |
|
2 |
|
58,501 |
|
|
|
58,503 |
|
U.S. small business commercial |
93 |
|
81 |
|
191 |
|
365 |
|
12,256 |
|
|
|
12,621 |
|
Total commercial loans |
374 |
|
366 |
|
2,064 |
|
2,804 |
|
321,517 |
|
|
|
324,321 |
|
Commercial loans accounted for under the fair value option (9)
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|
|
|
|
|
|
6,436 |
|
6,436 |
|
Total commercial |
374 |
|
366 |
|
2,064 |
|
2,804 |
|
321,517 |
|
|
6,436 |
|
330,757 |
|
Total loans and leases |
$ |
8,041 |
|
$ |
4,235 |
|
$ |
40,042 |
|
$ |
52,318 |
|
$ |
805,231 |
|
$ |
27,848 |
|
$ |
7,638 |
|
$ |
893,035 |
|
Percentage of outstandings |
0.90 |
% |
0.47 |
% |
4.48 |
% |
5.85 |
% |
90.17 |
% |
3.12 |
% |
0.86 |
% |
|
|
|
(1) |
Home loans 30-59 days past due includes $2.2 billion of fully-insured loans and $642 million of nonperforming loans. Home loans 60-89 days past due includes $1.1 billion of fully-insured loans and $505 million of nonperforming loans.
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(2) |
Home loans includes $21.8 billion of fully-insured loans.
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(3) |
Home loans includes $5.1 billion 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 mortgages of $94 million.
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(6) |
Total outstandings includes $8.8 billion of pay option loans and $1.1 billion of subprime loans. The Corporation no longer originates these products.
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(7) |
Total outstandings includes dealer financial services loans of $36.0 billion, consumer lending loans of $5.6 billion, U.S. securities-based lending margin loans of $26.7 billion, student loans of $5.0 billion, non-U.S. consumer loans of $7.9 billion and other consumer loans of $1.2 billion.
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(8) |
Total outstandings includes consumer finance loans of $1.5 billion, other non-U.S. consumer loans of $1.1 billion and consumer overdrafts of $152 million.
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(9) |
Consumer loans accounted for under the fair value option were residential mortgage loans of $160 million and discontinued real estate loans of $1.0 billion. Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.0 billion and non-U.S. commercial loans of $4.4 billion. For addition information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
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(10) |
Total outstandings includes U.S. commercial real estate loans of $36.0 billion and non-U.S. commercial real estate loans of $1.6 billion.
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December 31, 2011 |
(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)
|
$ |
2,151 |
|
$ |
751 |
|
$ |
3,017 |
|
$ |
5,919 |
|
$ |
172,418 |
|
|
|
$ |
178,337 |
|
Home equity |
260 |
|
155 |
|
429 |
|
844 |
|
66,211 |
|
|
|
67,055 |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
|
Residential mortgage |
3,195 |
|
2,174 |
|
32,167 |
|
37,536 |
|
36,451 |
|
$ |
9,966 |
|
|
83,953 |
|
Home equity |
845 |
|
508 |
|
1,735 |
|
3,088 |
|
42,578 |
|
11,978 |
|
|
57,644 |
|
Discontinued real estate (6)
|
65 |
|
24 |
|
351 |
|
440 |
|
798 |
|
9,857 |
|
|
11,095 |
|
Credit card and other consumer |
|
|
|
|
|
|
|
|
U.S. credit card |
981 |
|
772 |
|
2,070 |
|
3,823 |
|
98,468 |
|
|
|
102,291 |
|
Non-U.S. credit card |
148 |
|
120 |
|
342 |
|
610 |
|
13,808 |
|
|
|
14,418 |
|
Direct/Indirect consumer (7)
|
805 |
|
338 |
|
779 |
|
1,922 |
|
87,791 |
|
|
|
89,713 |
|
Other consumer (8)
|
55 |
|
21 |
|
17 |
|
93 |
|
2,595 |
|
|
|
2,688 |
|
Total consumer loans |
8,505 |
|
4,863 |
|
40,907 |
|
54,275 |
|
521,118 |
|
31,801 |
|
|
607,194 |
|
Consumer loans accounted for under the fair value option (9)
|
|
|
|
|
|
|
$ |
2,190 |
|
2,190 |
|
Total consumer |
8,505 |
|
4,863 |
|
40,907 |
|
54,275 |
|
521,118 |
|
31,801 |
|
2,190 |
|
609,384 |
|
Commercial |
|
|
|
|
|
|
|
|
U.S. commercial |
352 |
|
166 |
|
866 |
|
1,384 |
|
178,564 |
|
|
|
179,948 |
|
Commercial real estate (10)
|
288 |
|
118 |
|
1,860 |
|
2,266 |
|
37,330 |
|
|
|
39,596 |
|
Commercial lease financing |
78 |
|
15 |
|
22 |
|
115 |
|
21,874 |
|
|
|
21,989 |
|
Non-U.S. commercial |
24 |
|
— |
|
— |
|
24 |
|
55,394 |
|
|
|
55,418 |
|
U.S. small business commercial |
150 |
|
106 |
|
272 |
|
528 |
|
12,723 |
|
|
|
13,251 |
|
Total commercial loans |
892 |
|
405 |
|
3,020 |
|
4,317 |
|
305,885 |
|
|
|
310,202 |
|
Commercial loans accounted for under the fair value option (9)
|
|
|
|
|
|
|
6,614 |
|
6,614 |
|
Total commercial |
892 |
|
405 |
|
3,020 |
|
4,317 |
|
305,885 |
|
|
6,614 |
|
316,816 |
|
Total loans and leases |
$ |
9,397 |
|
$ |
5,268 |
|
$ |
43,927 |
|
$ |
58,592 |
|
$ |
827,003 |
|
$ |
31,801 |
|
$ |
8,804 |
|
$ |
926,200 |
|
Percentage of outstandings |
1.02 |
% |
0.57 |
% |
4.74 |
% |
6.33 |
% |
89.29 |
% |
3.43 |
% |
0.95 |
% |
|
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|
(1) |
Home loans 30-59 days past due includes $2.2 billion of fully-insured loans and $372 million of nonperforming loans. Home loans 60-89 days past due includes $1.4 billion of fully-insured loans and $398 million of nonperforming loans.
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|
(2) |
Home loans includes $21.2 billion of fully-insured loans.
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|
(3) |
Home loans includes $1.8 billion 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 mortgages of $85 million.
|
|
|
(6) |
Total outstandings includes $9.9 billion of pay option loans and $1.2 billion of subprime loans. The Corporation no longer originates these products.
|
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|
(7) |
Total outstandings includes dealer financial services loans of $43.0 billion, consumer lending loans of $8.0 billion, U.S. securities-based lending margin loans of $23.6 billion, student loans of $6.0 billion, non-U.S. consumer loans of $7.6 billion and other consumer loans of $1.5 billion.
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|
(8) |
Total outstandings includes consumer finance loans of $1.7 billion, other non-U.S. consumer loans of $929 million and consumer overdrafts of $103 million.
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|
(9) |
Consumer loans accounted for under the fair value option were residential mortgage loans of $906 million and discontinued real estate loans of $1.3 billion. Commercial loans accounted for under the fair value option were U.S. commercial loans of $2.2 billion and non-U.S. commercial loans of $4.4 billion. For additional information, see Note 15 – Fair Value Measurements and Note 16 – Fair Value Option.
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|
(10) |
Total outstandings includes U.S. commercial real estate loans of $37.8 billion and non-U.S. commercial real estate loans of $1.8 billion.
|
|
| 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, 2012 and December 31, 2011. 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. See Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation's 2011 Annual Report on Form 10-K for further information on the criteria for classification as nonperforming.
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Credit Quality |
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Nonperforming Loans and Leases (1)
|
|
Accruing Past Due 90 Days or More |
(Dollars in millions) |
September 30
2012 |
|
December 31
2011 |
|
September 30
2012 |
|
December 31
2011 |
Home loans |
|
|
|
|
|
|
|
Core portfolio |
|
|
|
|
|
|
|
Residential mortgage (2)
|
$ |
3,090 |
|
|
$ |
2,414 |
|
|
$ |
2,581 |
|
|
$ |
883 |
|
Home equity |
1,198 |
|
|
439 |
|
|
— |
|
|
— |
|
Legacy Assets & Servicing portfolio |
|
|
|
|
|
|
|
Residential mortgage (2)
|
12,085 |
|
|
13,556 |
|
|
19,236 |
|
|
20,281 |
|
Home equity |
3,077 |
|
|
2,014 |
|
|
— |
|
|
— |
|
Discontinued real estate |
266 |
|
|
290 |
|
|
— |
|
|
— |
|
Credit card and other consumer |
|
|
|
|
|
|
|
U.S. credit card |
n/a |
|
|
n/a |
|
|
1,471 |
|
|
2,070 |
|
Non-U.S. credit card |
n/a |
|
|
n/a |
|
|
224 |
|
|
342 |
|
Direct/Indirect consumer |
36 |
|
|
40 |
|
|
575 |
|
|
746 |
|
Other consumer |
1 |
|
|
15 |
|
|
1 |
|
|
2 |
|
Total consumer |
19,753 |
|
|
18,768 |
|
|
24,088 |
|
|
24,324 |
|
Commercial |
|
|
|
|
|
|
|
U.S. commercial |
1,609 |
|
|
2,174 |
|
|
77 |
|
|
75 |
|
Commercial real estate |
2,028 |
|
|
3,880 |
|
|
9 |
|
|
7 |
|
Commercial lease financing |
33 |
|
|
26 |
|
|
18 |
|
|
14 |
|
Non-U.S. commercial |
139 |
|
|
143 |
|
|
— |
|
|
— |
|
U.S. small business commercial |
139 |
|
|
114 |
|
|
127 |
|
|
216 |
|
Total commercial |
3,948 |
|
|
6,337 |
|
|
231 |
|
|
312 |
|
Total consumer and commercial |
$ |
23,701 |
|
|
$ |
25,105 |
|
|
$ |
24,319 |
|
|
$ |
24,636 |
|
|
|
(1) |
Nonperforming loan balances do not include nonaccruing TDRs removed from the PCI portfolio prior to January 1, 2010 of $540 million and $477 million at September 30, 2012 and December 31, 2011.
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|
|
(2) |
Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At September 30, 2012 and December 31, 2011, residential mortgage includes $17.1 billion and $17.0 billion of loans on which interest has been curtailed by the Federal Housing Administration, and therefore are no longer accruing interest, although principal is still insured, and $4.7 billion and $4.2 billion of loans on which interest is still accruing.
|
n/a = not applicabl
|
| 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, 2012 and December 31, 2011.
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|
|
Home Loans - Credit Quality Indicators (1)
|
|
September 30, 2012 |
(Dollars in millions) |
Core Portfolio
Residential
Mortgage (2)
|
Legacy Assets & Servicing Residential Mortgage (2)
|
Countrywide
Residential
Mortgage PCI |
Core Portfolio
Home
Equity (2)
|
Legacy Assets & Servicing Home
Equity (2)
|
Countrywide
Home Equity PCI |
Legacy Assets & Servicing
Discontinued
Real Estate (2)
|
Countrywide
Discontinued
Real Estate
PCI |
Refreshed LTV (3)
|
|
|
|
|
|
|
|
|
Less than 90 percent |
$ |
78,428 |
|
$ |
18,289 |
|
$ |
3,524 |
|
$ |
43,872 |
|
$ |
15,648 |
|
$ |
2,194 |
|
$ |
743 |
|
$ |
5,062 |
|
Greater than 90 percent but less than 100 percent |
9,782 |
|
5,344 |
|
1,456 |
|
6,371 |
|
4,490 |
|
909 |
|
116 |
|
1,163 |
|
Greater than 100 percent |
15,047 |
|
19,477 |
|
4,356 |
|
12,285 |
|
19,885 |
|
6,606 |
|
214 |
|
2,578 |
|
Fully-insured loans (4)
|
68,216 |
|
23,421 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
171,473 |
|
$ |
66,531 |
|
$ |
9,336 |
|
$ |
62,528 |
|
$ |
40,023 |
|
$ |
9,709 |
|
$ |
1,073 |
|
$ |
8,803 |
|
|
|
|
|
|
|
|
|
|
Refreshed FICO score |
|
|
|
|
|
|
|
|
Less than 620 |
$ |
6,955 |
|
$ |
13,594 |
|
$ |
3,642 |
|
$ |
2,668 |
|
$ |
5,627 |
|
$ |
2,822 |
|
$ |
446 |
|
$ |
5,560 |
|
Greater than or equal to 620 and less than 680 |
8,478 |
|
6,264 |
|
1,390 |
|
4,558 |
|
6,027 |
|
1,642 |
|
159 |
|
1,277 |
|
Greater than or equal to 680 and less than 740 |
24,409 |
|
8,935 |
|
1,946 |
|
12,859 |
|
10,663 |
|
2,302 |
|
220 |
|
1,086 |
|
Greater than or equal to 740 |
63,415 |
|
14,317 |
|
2,358 |
|
42,443 |
|
17,706 |
|
2,943 |
|
248 |
|
880 |
|
Fully-insured loans (4)
|
68,216 |
|
23,421 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
171,473 |
|
$ |
66,531 |
|
$ |
9,336 |
|
$ |
62,528 |
|
$ |
40,023 |
|
$ |
9,709 |
|
$ |
1,073 |
|
$ |
8,803 |
|
|
|
(1) |
Excludes $1.2 billion of loans accounted for under the fair value option.
|
|
|
(2) |
Excludes Countrywide PCI loans. |
|
|
(3) |
Refreshed LTV percentages for PCI loans are calculated using the carrying value net of the related valuation allowance. |
|
|
(4) |
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. |
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer - Credit Quality Indicators |
|
September 30, 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 |
$ |
6,302 |
|
|
$ |
— |
|
|
$ |
2,157 |
|
|
$ |
697 |
|
Greater than or equal to 620 and less than 680 |
13,977 |
|
|
— |
|
|
3,623 |
|
|
315 |
|
Greater than or equal to 680 and less than 740 |
36,894 |
|
|
— |
|
|
9,944 |
|
|
239 |
|
Greater than or equal to 740 |
35,989 |
|
|
— |
|
|
25,248 |
|
|
222 |
|
Other internal credit metrics (2, 3, 4)
|
— |
|
|
13,320 |
|
|
41,432 |
|
|
1,241 |
|
Total credit card and other consumer |
$ |
93,162 |
|
|
$ |
13,320 |
|
|
$ |
82,404 |
|
|
$ |
2,714 |
|
|
|
(1) |
94 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 include delinquency status, geography or other factors. |
|
|
(3) |
Direct/indirect consumer includes $34.6 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $5.0 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, 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)
|
|
September 30, 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 |
$ |
184,844 |
|
|
$ |
32,819 |
|
|
$ |
21,869 |
|
|
$ |
56,992 |
|
|
$ |
2,020 |
|
Reservable criticized |
7,919 |
|
|
4,760 |
|
|
986 |
|
|
1,511 |
|
|
441 |
|
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
417 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
580 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
1,574 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
2,544 |
|
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
5,045 |
|
Total commercial |
$ |
192,763 |
|
|
$ |
37,579 |
|
|
$ |
22,855 |
|
|
$ |
58,503 |
|
|
$ |
12,621 |
|
|
|
(1) |
Excludes $6.4 billion of loans accounted for under the fair value option.
|
|
|
(2) |
U.S. small business commercial includes $372 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, 2012, 98 percent of the balances where internal credit metrics are used were 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 include delinquency status, application scores, geography or other factors. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans - Credit Quality Indicators (1)
|
|
December 31, 2011 |
(Dollars in millions) |
Core Portfolio
Residential
Mortgage (2)
|
Legacy Assets & Servicing
Residential Mortgage (2)
|
Countrywide
Residential
Mortgage PCI |
Core Portfolio
Home
Equity (2)
|
Legacy Assets & Servicing Home
Equity (2)
|
Countrywide
Home Equity PCI |
Legacy Assets & Servicing
Discontinued
Real Estate (2)
|
Countrywide
Discontinued
Real Estate PCI |
Refreshed LTV (3)
|
|
|
|
|
|
|
|
|
Less than 90 percent |
$ |
80,032 |
|
$ |
20,450 |
|
$ |
3,821 |
|
$ |
46,646 |
|
$ |
17,354 |
|
$ |
2,253 |
|
$ |
895 |
|
$ |
5,953 |
|
Greater than 90 percent but less than 100 percent |
11,838 |
|
5,847 |
|
1,468 |
|
6,988 |
|
4,995 |
|
1,077 |
|
122 |
|
1,191 |
|
Greater than 100 percent |
17,673 |
|
22,630 |
|
4,677 |
|
13,421 |
|
23,317 |
|
8,648 |
|
221 |
|
2,713 |
|
Fully-insured loans (4)
|
68,794 |
|
25,060 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
178,337 |
|
$ |
73,987 |
|
$ |
9,966 |
|
$ |
67,055 |
|
$ |
45,666 |
|
$ |
11,978 |
|
$ |
1,238 |
|
$ |
9,857 |
|
|
|
|
|
|
|
|
|
|
Refreshed FICO score (5)
|
|
|
|
|
|
|
|
|
Less than 620 |
$ |
7,020 |
|
$ |
17,337 |
|
$ |
3,924 |
|
$ |
2,843 |
|
$ |
7,293 |
|
$ |
4,140 |
|
$ |
548 |
|
$ |
6,275 |
|
Greater than or equal to 620 and less than 680 |
9,331 |
|
6,537 |
|
1,381 |
|
4,704 |
|
6,866 |
|
1,969 |
|
175 |
|
1,279 |
|
Greater than or equal to 680 and less than 740 |
26,569 |
|
9,439 |
|
2,036 |
|
13,561 |
|
11,798 |
|
2,538 |
|
228 |
|
1,223 |
|
Greater than or equal to 740 |
66,623 |
|
15,614 |
|
2,625 |
|
45,947 |
|
19,709 |
|
3,331 |
|
287 |
|
1,080 |
|
Fully-insured loans (4)
|
68,794 |
|
25,060 |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
Total home loans |
$ |
178,337 |
|
$ |
73,987 |
|
$ |
9,966 |
|
$ |
67,055 |
|
$ |
45,666 |
|
$ |
11,978 |
|
$ |
1,238 |
|
$ |
9,857 |
|
|
|
(1) |
Excludes $2.2 billion of loans accounted for under the fair value option.
|
|
|
(2) |
Excludes Countrywide PCI loans. |
|
|
(3) |
Refreshed LTV percentages for PCI loans are calculated using the carrying value gross of the related valuation allowance. |
|
|
(4) |
Credit quality indicators are not reported for fully-insured loans as principal repayment is insured. |
|
|
(5) |
During the first quarter of 2012, refreshed home equity FICO metrics reflected an updated scoring model that is more representative of the credit risk of the Corporation's borrowers. Prior periods were adjusted to reflect these updates. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer - Credit Quality Indicators |
|
December 31, 2011 |
(Dollars in millions) |
U.S. Credit
Card |
|
Non-U.S.
Credit Card |
|
Direct/Indirect
Consumer |
|
Other
Consumer (1)
|
Refreshed FICO score |
|
|
|
|
|
|
|
Less than 620 |
$ |
8,172 |
|
|
$ |
— |
|
|
$ |
3,325 |
|
|
$ |
802 |
|
Greater than or equal to 620 and less than 680 |
15,474 |
|
|
— |
|
|
4,665 |
|
|
348 |
|
Greater than or equal to 680 and less than 740 |
39,525 |
|
|
— |
|
|
12,351 |
|
|
262 |
|
Greater than or equal to 740 |
39,120 |
|
|
— |
|
|
29,965 |
|
|
244 |
|
Other internal credit metrics (2, 3, 4)
|
— |
|
|
14,418 |
|
|
39,407 |
|
|
1,032 |
|
Total credit card and other consumer |
$ |
102,291 |
|
|
$ |
14,418 |
|
|
$ |
89,713 |
|
|
$ |
2,688 |
|
|
|
(1) |
96 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 include delinquency status, geography or other factors. |
|
|
(3) |
Direct/indirect consumer includes $31.1 billion of securities-based lending which is overcollateralized and therefore has minimal credit risk and $6.0 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, 2011, 96 percent of this portfolio was current or less than 30 days past due, two percent was 30-89 days past due and two percent was 90 days or more past due.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial - Credit Quality Indicators (1)
|
|
December 31, 2011 |
(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 |
$ |
169,599 |
|
|
$ |
28,602 |
|
|
$ |
20,850 |
|
|
$ |
53,945 |
|
|
$ |
2,392 |
|
Reservable criticized |
10,349 |
|
|
10,994 |
|
|
1,139 |
|
|
1,473 |
|
|
836 |
|
Refreshed FICO score (3)
|
|
|
|
|
|
|
|
|
|
Less than 620 |
|
|
|
|
|
|
|
|
562 |
|
Greater than or equal to 620 and less than 680 |
|
|
|
|
|
|
|
|
624 |
|
Greater than or equal to 680 and less than 740 |
|
|
|
|
|
|
|
|
1,612 |
|
Greater than or equal to 740 |
|
|
|
|
|
|
|
|
2,438 |
|
Other internal credit metrics (3, 4)
|
|
|
|
|
|
|
|
|
4,787 |
|
Total commercial |
$ |
179,948 |
|
|
$ |
39,596 |
|
|
$ |
21,989 |
|
|
$ |
55,418 |
|
|
$ |
13,251 |
|
|
|
(1) |
Excludes $6.6 billion of loans accounted for under the fair value option.
|
|
|
(2) |
U.S. small business commercial includes $491 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, 2011, 97 percent of the balances where internal credit metrics are used were 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 include delinquency status, application scores, geography or other factors |
|
| Impaired Financing Receivables |
.
The table below presents impaired loans in the Corporation’s Home Loans portfolio segment at September 30, 2012 and December 31, 2011, and for the three and nine months ended September 30, 2012 and 2011 and includes primarily loans managed by Legacy Assets & Servicing within Consumer Real Estate Services (CRES). 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, 2012 |
|
December 31, 2011 |
(Dollars in millions) |
|
|
|
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
18,243 |
|
|
$ |
13,863 |
|
|
n/a |
|
|
$ |
10,907 |
|
|
$ |
8,168 |
|
|
n/a |
|
Home equity |
|
|
|
|
3,119 |
|
|
1,151 |
|
|
n/a |
|
|
1,747 |
|
|
479 |
|
|
n/a |
|
Discontinued real estate |
|
|
|
|
468 |
|
|
261 |
|
|
n/a |
|
|
421 |
|
|
240 |
|
|
n/a |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
12,202 |
|
|
$ |
11,156 |
|
|
$ |
1,203 |
|
|
$ |
12,296 |
|
|
$ |
11,119 |
|
|
$ |
1,295 |
|
Home equity |
|
|
|
|
1,257 |
|
|
1,024 |
|
|
464 |
|
|
1,551 |
|
|
1,297 |
|
|
622 |
|
Discontinued real estate |
|
|
|
|
161 |
|
|
121 |
|
|
22 |
|
|
213 |
|
|
159 |
|
|
29 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
|
|
|
|
$ |
30,445 |
|
|
$ |
25,019 |
|
|
$ |
1,203 |
|
|
$ |
23,203 |
|
|
$ |
19,287 |
|
|
$ |
1,295 |
|
Home equity |
|
|
|
|
4,376 |
|
|
2,175 |
|
|
464 |
|
|
3,298 |
|
|
1,776 |
|
|
622 |
|
Discontinued real estate |
|
|
|
|
629 |
|
|
382 |
|
|
22 |
|
|
634 |
|
|
399 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
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 |
$ |
11,364 |
|
|
$ |
86 |
|
|
$ |
6,280 |
|
|
$ |
54 |
|
|
$ |
9,501 |
|
|
$ |
233 |
|
|
$ |
5,778 |
|
|
$ |
170 |
|
Home equity |
819 |
|
|
13 |
|
|
407 |
|
|
6 |
|
|
603 |
|
|
32 |
|
|
437 |
|
|
16 |
|
Discontinued real estate |
242 |
|
|
2 |
|
|
210 |
|
|
2 |
|
|
233 |
|
|
6 |
|
|
218 |
|
|
6 |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
11,303 |
|
|
$ |
96 |
|
|
$ |
9,547 |
|
|
$ |
88 |
|
|
$ |
11,217 |
|
|
$ |
300 |
|
|
$ |
9,042 |
|
|
$ |
235 |
|
Home equity |
1,095 |
|
|
12 |
|
|
1,384 |
|
|
9 |
|
|
1,186 |
|
|
34 |
|
|
1,375 |
|
|
24 |
|
Discontinued real estate |
132 |
|
|
1 |
|
|
101 |
|
|
2 |
|
|
144 |
|
|
5 |
|
|
150 |
|
|
5 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential mortgage |
$ |
22,667 |
|
|
$ |
182 |
|
|
$ |
15,827 |
|
|
$ |
142 |
|
|
$ |
20,718 |
|
|
$ |
533 |
|
|
$ |
14,820 |
|
|
$ |
405 |
|
Home equity |
1,914 |
|
|
25 |
|
|
1,791 |
|
|
15 |
|
|
1,789 |
|
|
66 |
|
|
1,812 |
|
|
40 |
|
Discontinued real estate |
374 |
|
|
3 |
|
|
311 |
|
|
4 |
|
|
377 |
|
|
11 |
|
|
368 |
|
|
11 |
|
|
|
(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
|
| Accretable Yield Activity |
The table below shows activity for the accretable yield on Countrywide Financial Corporation (Countrywide) PCI loans. Reclassifications from nonaccretable difference primarily result when there is a change in expected cash flows due to various factors, including changes in interest rates on variable-rate loans and prepayment assumptions. 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.
|
|
|
|
|
|
|
|
(Dollars in millions) |
Three Months Ended September 30, 2012 |
Nine Months Ended September 30, 2012 |
Accretable yield, beginning of period |
$ |
4,833 |
|
$ |
4,990 |
|
Accretion |
(253 |
) |
(787 |
) |
Disposals/transfers |
(21 |
) |
(46 |
) |
Reclassifications from nonaccretable difference |
68 |
|
470 |
|
Accretable yield, September 30 |
$ |
4,627 |
|
$ |
4,627 |
|
|
|
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, 2012 and 2011 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, 2012 and 2011, 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 within CRES.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans - TDRs Entered into During the Three Months Ended September 30, 2012 and 2011 (1)
|
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying Value |
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
|
Net Charge-offs |
Residential mortgage |
$ |
7,731 |
|
|
$ |
6,201 |
|
|
5.67 |
% |
|
4.31 |
% |
|
$ |
123 |
|
Home equity |
1,570 |
|
|
689 |
|
|
4.69 |
|
|
4.54 |
|
|
479 |
|
Discontinued real estate |
92 |
|
|
49 |
|
|
5.30 |
|
|
3.90 |
|
|
6 |
|
Total |
$ |
9,393 |
|
|
$ |
6,939 |
|
|
5.51 |
|
|
4.34 |
|
|
$ |
608 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Three Months Ended September 30, 2011 |
Residential mortgage |
$ |
2,792 |
|
|
$ |
2,409 |
|
|
5.82 |
% |
|
4.95 |
% |
|
$ |
54 |
|
Home equity |
261 |
|
|
144 |
|
|
6.44 |
|
|
5.41 |
|
|
60 |
|
Discontinued real estate |
37 |
|
|
25 |
|
|
7.25 |
|
|
6.05 |
|
|
2 |
|
Total |
$ |
3,090 |
|
|
$ |
2,578 |
|
|
5.89 |
|
|
5.00 |
|
|
$ |
116 |
|
|
|
|
|
|
|
|
|
|
|
Home Loans - TDRs Entered into During the Nine Months Ended September 30, 2012 and 2011 (1)
|
|
September 30, 2012 |
|
Nine Months Ended September 30, 2012 |
Residential mortgage |
$ |
9,962 |
|
|
$ |
8,123 |
|
|
5.62 |
% |
|
4.29 |
% |
|
$ |
267 |
|
Home equity |
1,759 |
|
|
785 |
|
|
4.69 |
|
|
4.32 |
|
|
577 |
|
Discontinued real estate |
102 |
|
|
56 |
|
|
5.46 |
|
|
4.08 |
|
|
10 |
|
Total |
$ |
11,823 |
|
|
$ |
8,964 |
|
|
5.48 |
|
|
4.30 |
|
|
$ |
854 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Nine Months Ended September 30, 2011 |
Residential mortgage |
$ |
10,154 |
|
|
$ |
8,826 |
|
|
5.89 |
% |
|
4.88 |
% |
|
$ |
200 |
|
Home equity |
907 |
|
|
489 |
|
|
6.54 |
|
|
4.80 |
|
|
227 |
|
Discontinued real estate |
119 |
|
|
75 |
|
|
6.64 |
|
|
4.73 |
|
|
7 |
|
Total |
$ |
11,180 |
|
|
$ |
9,390 |
|
|
5.96 |
|
|
4.87 |
|
|
$ |
434 |
|
|
|
(1) |
TDRs entered into during the three and nine months ended September 30, 2012 include principal forgiveness as follows: residential mortgage modifications of $283 million and $447 million, home equity mortgage modifications of $2 million and $5 million and discontinued real estate modifications of $11 million and $15 million.
|
|
| Summary of Troubled Debt Restructuring Note, Debtor |
The following table presents the September 30, 2012 and 2011 carrying value for home loans that were modified in a TDR during the three and nine months ended September 30, 2012 and 2011 by type of modification.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans - Modification Programs |
|
TDRs Entered into During the Three Months Ended September 30, 2012 |
(Dollars in millions) |
Residential Mortgage |
|
Home Equity |
|
Discontinued Real Estate |
|
Total Carrying Value |
Modifications under government programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
$ |
81 |
|
|
$ |
21 |
|
|
$ |
2 |
|
|
$ |
104 |
|
Principal and/or interest forbearance |
19 |
|
|
11 |
|
|
1 |
|
|
31 |
|
Other modifications (1)
|
2 |
|
|
— |
|
|
— |
|
|
2 |
|
Total modifications under government programs |
102 |
|
|
32 |
|
|
3 |
|
|
137 |
|
|
|
|
|
|
|
|
|
Modifications under proprietary programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
1,150 |
|
|
15 |
|
|
3 |
|
|
1,168 |
|
Capitalization of past due amounts |
58 |
|
|
— |
|
|
— |
|
|
58 |
|
Principal and/or interest forbearance |
121 |
|
|
5 |
|
|
3 |
|
|
129 |
|
Other modifications (1)
|
28 |
|
|
6 |
|
|
— |
|
|
34 |
|
Total modifications under proprietary programs |
1,357 |
|
|
26 |
|
|
6 |
|
|
1,389 |
|
Trial modifications |
1,887 |
|
|
43 |
|
|
18 |
|
|
1,948 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
2,855 |
|
|
588 |
|
|
22 |
|
|
3,465 |
|
Total modifications |
$ |
6,201 |
|
|
$ |
689 |
|
|
$ |
49 |
|
|
$ |
6,939 |
|
|
|
|
|
|
|
|
|
|
TDRs Entered into During the Three Months Ended September 30, 2011 |
Modifications under government programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
$ |
162 |
|
|
$ |
26 |
|
|
$ |
2 |
|
|
$ |
190 |
|
Principal and/or interest forbearance |
55 |
|
|
8 |
|
|
— |
|
|
63 |
|
Other modifications (1)
|
3 |
|
|
1 |
|
|
1 |
|
|
5 |
|
Total modifications under government programs |
220 |
|
|
35 |
|
|
3 |
|
|
258 |
|
|
|
|
|
|
|
|
|
Modifications under proprietary programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
817 |
|
|
36 |
|
|
5 |
|
|
858 |
|
Capitalization of past due amounts |
102 |
|
|
— |
|
|
— |
|
|
102 |
|
Principal and/or interest forbearance |
346 |
|
|
14 |
|
|
3 |
|
|
363 |
|
Other modifications (1)
|
164 |
|
|
7 |
|
|
— |
|
|
171 |
|
Total modifications under proprietary programs |
1,429 |
|
|
57 |
|
|
8 |
|
|
1,494 |
|
Trial modifications |
760 |
|
|
52 |
|
|
14 |
|
|
826 |
|
Total modifications |
$ |
2,409 |
|
|
$ |
144 |
|
|
$ |
25 |
|
|
$ |
2,578 |
|
|
|
(1) |
Includes other modifications such as term or payment extensions and repayment plans. |
|
|
(2) |
Includes loans newly classified as TDRs in accordance with new regulatory guidance on loans discharged in Chapter 7 bankruptcy that was issued during the three months ended September 30, 2012.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans - Modification Programs (continued) |
|
TDRs Entered into During the Nine Months Ended September 30, 2012 |
(Dollars in millions) |
Residential Mortgage |
|
Home Equity |
|
Discontinued Real Estate |
|
Total Carrying Value |
Modifications under government programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
$ |
155 |
|
|
$ |
61 |
|
|
$ |
2 |
|
|
$ |
218 |
|
Principal and/or interest forbearance |
29 |
|
|
24 |
|
|
1 |
|
|
54 |
|
Other modifications (1)
|
18 |
|
|
— |
|
|
— |
|
|
18 |
|
Total modifications under government programs |
202 |
|
|
85 |
|
|
3 |
|
|
290 |
|
|
|
|
|
|
|
|
|
Modifications under proprietary programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
2,050 |
|
|
28 |
|
|
4 |
|
|
2,082 |
|
Capitalization of past due amounts |
95 |
|
|
— |
|
|
— |
|
|
95 |
|
Principal and/or interest forbearance |
244 |
|
|
9 |
|
|
4 |
|
|
257 |
|
Other modifications (1)
|
62 |
|
|
13 |
|
|
— |
|
|
75 |
|
Total modifications under proprietary programs |
2,451 |
|
|
50 |
|
|
8 |
|
|
2,509 |
|
Trial modifications |
2,615 |
|
|
62 |
|
|
23 |
|
|
2,700 |
|
Loans discharged in Chapter 7 bankruptcy (2)
|
2,855 |
|
|
588 |
|
|
22 |
|
|
3,465 |
|
Total modifications |
$ |
8,123 |
|
|
$ |
785 |
|
|
$ |
56 |
|
|
$ |
8,964 |
|
|
|
|
|
|
|
|
|
|
TDRs Entered into During the Nine Months Ended September 30, 2011 |
Modifications under government programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
$ |
957 |
|
|
$ |
183 |
|
|
$ |
9 |
|
|
$ |
1,149 |
|
Principal and/or interest forbearance |
181 |
|
|
36 |
|
|
2 |
|
|
219 |
|
Other modifications (1)
|
61 |
|
|
5 |
|
|
— |
|
|
66 |
|
Total modifications under government programs |
1,199 |
|
|
224 |
|
|
11 |
|
|
1,434 |
|
|
|
|
|
|
|
|
|
Modifications under proprietary programs |
|
|
|
|
|
|
|
Contractual interest rate reduction |
3,148 |
|
|
85 |
|
|
18 |
|
|
3,251 |
|
Capitalization of past due amounts |
414 |
|
|
— |
|
|
1 |
|
|
415 |
|
Principal and/or interest forbearance |
758 |
|
|
37 |
|
|
8 |
|
|
803 |
|
Other modifications (1)
|
362 |
|
|
25 |
|
|
2 |
|
|
389 |
|
Total modifications under proprietary programs |
4,682 |
|
|
147 |
|
|
29 |
|
|
4,858 |
|
Trial modifications
|
2,945 |
|
|
118 |
|
|
35 |
|
|
3,098 |
|
Total modifications |
$ |
8,826 |
|
|
$ |
489 |
|
|
$ |
75 |
|
|
$ |
9,390 |
|
|
|
(1) |
Includes other modifications such as term or payment extensions and repayment plans. |
|
|
(2) |
Includes loans newly classified as TDRs in accordance with new regulatory guidance on loans discharged in Chapter 7 bankruptcy that was issued during the nine months ended September 30, 2012.
|
|
| 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, 2012 and 2011 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 defaults on trial modifications 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 was made.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Loans - TDRs Entering Payment Default That Were Modified During the Preceding Twelve Months |
|
Three Months Ended September 30, 2012 |
(Dollars in millions) |
Residential Mortgage |
|
Home Equity |
|
Discontinued Real Estate |
|
Total Carrying Value |
Modifications under government programs |
$ |
27 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
29 |
|
Modifications under proprietary programs |
133 |
|
|
2 |
|
|
2 |
|
|
137 |
|
Trial modifications |
662 |
|
|
7 |
|
|
9 |
|
|
678 |
|
Total modifications |
$ |
822 |
|
|
$ |
11 |
|
|
$ |
11 |
|
|
$ |
844 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2011 |
Modifications under government programs |
$ |
61 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
63 |
|
Modifications under proprietary programs |
573 |
|
|
7 |
|
|
1 |
|
|
581 |
|
Trial modifications |
17 |
|
|
— |
|
|
1 |
|
|
18 |
|
Total modifications |
$ |
651 |
|
|
$ |
9 |
|
|
$ |
2 |
|
|
$ |
662 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2012 |
Modifications under government programs |
$ |
165 |
|
|
$ |
6 |
|
|
$ |
2 |
|
|
$ |
173 |
|
Modifications under proprietary programs |
747 |
|
|
11 |
|
|
6 |
|
|
764 |
|
Trial modifications |
952 |
|
|
16 |
|
|
11 |
|
|
979 |
|
Total modifications |
$ |
1,864 |
|
|
$ |
33 |
|
|
$ |
19 |
|
|
$ |
1,916 |
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2011 |
Modifications under government programs |
$ |
163 |
|
|
$ |
2 |
|
|
$ |
1 |
|
|
$ |
166 |
|
Modifications under proprietary programs |
1,490 |
|
|
37 |
|
|
8 |
|
|
1,535 |
|
Trial modifications |
41 |
|
|
2 |
|
|
1 |
|
|
44 |
|
Total modifications |
$ |
1,694 |
|
|
$ |
41 |
|
|
$ |
10 |
|
|
$ |
1,745 |
|
|
|
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 at September 30, 2012 and December 31, 2011, and for the three and nine months ended September 30, 2012 and 2011. The renegotiated TDR portfolio is considered impaired and had a related allowance as shown below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impaired Loans - Credit Card and Other Consumer - Renegotiated TDRs |
|
|
|
|
|
September 30, 2012 |
|
December 31, 2011 |
(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 |
|
|
|
|
$ |
3,341 |
|
|
$ |
3,360 |
|
|
$ |
947 |
|
|
$ |
5,272 |
|
|
$ |
5,305 |
|
|
$ |
1,570 |
|
Non-U.S. credit card |
|
|
|
|
338 |
|
|
343 |
|
|
219 |
|
|
588 |
|
|
597 |
|
|
435 |
|
Direct/Indirect consumer |
|
|
|
|
781 |
|
|
784 |
|
|
257 |
|
|
1,193 |
|
|
1,198 |
|
|
405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
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 |
$ |
3,727 |
|
|
$ |
58 |
|
|
$ |
6,727 |
|
|
$ |
102 |
|
|
$ |
4,380 |
|
|
$ |
204 |
|
|
$ |
7,637 |
|
|
$ |
344 |
|
Non-U.S. credit card |
447 |
|
|
2 |
|
|
777 |
|
|
2 |
|
|
509 |
|
|
7 |
|
|
794 |
|
|
5 |
|
Direct/Indirect consumer |
864 |
|
|
12 |
|
|
1,502 |
|
|
20 |
|
|
1,003 |
|
|
41 |
|
|
1,675 |
|
|
67 |
|
|
|
(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, 2012 and December 31, 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
2012 |
December 31
2011 |
|
September 30
2012 |
December 31
2011 |
|
September 30
2012 |
December 31
2011 |
|
September 30
2012 |
December 31
2011 |
|
September 30
2012 |
December 31
2011 |
U.S. credit card |
$ |
2,265 |
|
$ |
3,788 |
|
|
$ |
1,057 |
|
$ |
1,436 |
|
|
$ |
38 |
|
$ |
81 |
|
|
$ |
3,360 |
|
$ |
5,305 |
|
|
81.22 |
% |
78.97 |
% |
Non-U.S. credit card |
109 |
|
218 |
|
|
43 |
|
113 |
|
|
191 |
|
266 |
|
|
343 |
|
597 |
|
|
45.01 |
|
54.02 |
|
Direct/Indirect consumer |
502 |
|
784 |
|
|
273 |
|
392 |
|
|
9 |
|
22 |
|
|
784 |
|
1,198 |
|
|
82.08 |
|
80.01 |
|
Total renegotiated TDRs |
$ |
2,876 |
|
$ |
4,790 |
|
|
$ |
1,373 |
|
$ |
1,941 |
|
|
$ |
238 |
|
$ |
369 |
|
|
$ |
4,487 |
|
$ |
7,100 |
|
|
78.60 |
|
77.05 |
|
|
| Renegotiated Troubled Debt Restructurings By Program Type |
The table below provides information on the Corporation’s renegotiated TDR portfolio including the unpaid principal balance and carrying value of loans that were modified in TDRs during the three and nine months ended September 30, 2012 and 2011, along with charge-offs that were recorded during the calendar quarter in which the modification occurred. The table also presents the average pre- and post-modification interest rate.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer - Renegotiated TDRs Entered into During the Three Months September 30, 2012 and 2011 |
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying Value (1)
|
|
Pre-Modification Interest Rate |
|
Post-Modification Interest Rate |
|
Net Charge-offs |
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 |
|
Total |
$ |
206 |
|
|
$ |
213 |
|
|
21.13 |
|
|
3.70 |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Three Months Ended September 30, 2011 |
U.S. credit card |
$ |
220 |
|
|
$ |
227 |
|
|
18.84 |
% |
|
6.25 |
% |
|
$ |
2 |
|
Non-U.S. credit card |
153 |
|
|
162 |
|
|
25.92 |
|
|
0.60 |
|
|
7 |
|
Direct/Indirect consumer |
41 |
|
|
42 |
|
|
15.48 |
|
|
4.51 |
|
|
— |
|
Total |
$ |
414 |
|
|
$ |
431 |
|
|
21.17 |
|
|
3.96 |
|
|
$ |
9 |
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer - Renegotiated TDRs Entered into During the Nine Months Ended September 30, 2012 and 2011 |
|
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 |
|
Total |
$ |
586 |
|
|
$ |
601 |
|
|
20.40 |
|
|
4.38 |
|
|
$ |
137 |
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Nine Months Ended September 30, 2011 |
U.S. credit card |
$ |
798 |
|
|
$ |
812 |
|
|
19.02 |
% |
|
6.20 |
% |
|
$ |
62 |
|
Non-U.S. credit card |
336 |
|
|
354 |
|
|
26.07 |
|
|
0.78 |
|
|
167 |
|
Direct/Indirect consumer |
186 |
|
|
187 |
|
|
15.62 |
|
|
5.43 |
|
|
13 |
|
Total |
$ |
1,320 |
|
|
$ |
1,353 |
|
|
20.40 |
|
|
4.68 |
|
|
$ |
242 |
|
|
|
(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, 2012 and 2011.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Card and Other Consumer - Renegotiated TDRs by Program Type |
|
Renegotiated TDRs Entered into During the Three Months Ended September 30, 2012 |
(Dollars in millions) |
Internal Programs |
|
External Programs |
|
Other |
|
Total |
U.S. credit card |
$ |
64 |
|
|
$ |
41 |
|
|
$ |
— |
|
|
$ |
105 |
|
Non-U.S. credit card |
51 |
|
|
43 |
|
|
— |
|
|
94 |
|
Direct/Indirect consumer |
9 |
|
|
5 |
|
|
— |
|
|
14 |
|
Total renegotiated TDRs |
$ |
124 |
|
|
$ |
89 |
|
|
$ |
— |
|
|
$ |
213 |
|
|
|
|
|
|
|
|
|
|
Renegotiated TDRs Entered into During the Three Months Ended September 30, 2011 |
U.S. credit card |
$ |
122 |
|
|
$ |
103 |
|
|
$ |
2 |
|
|
$ |
227 |
|
Non-U.S. credit card |
83 |
|
|
79 |
|
|
— |
|
|
162 |
|
Direct/Indirect consumer |
22 |
|
|
20 |
|
|
— |
|
|
42 |
|
Total renegotiated TDRs |
$ |
227 |
|
|
$ |
202 |
|
|
$ |
2 |
|
|
$ |
431 |
|
|
|
|
|
|
|
|
|
|
Renegotiated TDRs Entered into During the 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 |
|
Total renegotiated TDRs |
$ |
364 |
|
|
$ |
237 |
|
|
$ |
— |
|
|
$ |
601 |
|
|
|
|
|
|
|
|
|
|
Renegotiated TDRs Entered into During the Nine Months Ended September 30, 2011 |
U.S. credit card |
$ |
454 |
|
|
$ |
355 |
|
|
$ |
3 |
|
|
$ |
812 |
|
Non-U.S. credit card |
179 |
|
|
174 |
|
|
1 |
|
|
354 |
|
Direct/Indirect consumer |
107 |
|
|
79 |
|
|
1 |
|
|
187 |
|
Total renegotiated TDRs |
$ |
740 |
|
|
$ |
608 |
|
|
$ |
5 |
|
|
$ |
1,353 |
|
|
|
Commercial Portfolio Segment [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, 2012 and December 31, 2011, and for the three and nine months ended September 30, 2012 and 2011. 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, 2012 |
|
December 31, 2011 |
(Dollars in millions) |
|
|
|
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
|
Unpaid
Principal
Balance |
|
Carrying
Value |
|
Related
Allowance |
With no recorded allowance |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
1,446 |
|
|
$ |
1,138 |
|
|
n/a |
|
|
$ |
1,482 |
|
|
$ |
985 |
|
|
n/a |
|
Commercial real estate |
|
|
|
|
1,194 |
|
|
1,106 |
|
|
n/a |
|
|
2,587 |
|
|
2,095 |
|
|
n/a |
|
Non-U.S. commercial |
|
|
|
|
132 |
|
|
131 |
|
|
n/a |
|
|
216 |
|
|
101 |
|
|
n/a |
|
U.S. small business commercial (1)
|
|
|
|
|
— |
|
|
— |
|
|
n/a |
|
|
— |
|
|
— |
|
|
n/a |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
1,897 |
|
|
$ |
1,361 |
|
|
$ |
135 |
|
|
$ |
2,654 |
|
|
$ |
1,987 |
|
|
$ |
232 |
|
Commercial real estate |
|
|
|
|
2,305 |
|
|
1,554 |
|
|
127 |
|
|
3,329 |
|
|
2,384 |
|
|
135 |
|
Non-U.S. commercial |
|
|
|
|
416 |
|
|
45 |
|
|
20 |
|
|
308 |
|
|
58 |
|
|
6 |
|
U.S. small business commercial (1)
|
|
|
|
|
399 |
|
|
379 |
|
|
109 |
|
|
531 |
|
|
503 |
|
|
172 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
|
|
|
|
$ |
3,343 |
|
|
$ |
2,499 |
|
|
$ |
135 |
|
|
$ |
4,136 |
|
|
$ |
2,972 |
|
|
$ |
232 |
|
Commercial real estate |
|
|
|
|
3,499 |
|
|
2,660 |
|
|
127 |
|
|
5,916 |
|
|
4,479 |
|
|
135 |
|
Non-U.S. commercial |
|
|
|
|
548 |
|
|
176 |
|
|
20 |
|
|
524 |
|
|
159 |
|
|
6 |
|
U.S. small business commercial (1)
|
|
|
|
|
399 |
|
|
379 |
|
|
109 |
|
|
531 |
|
|
503 |
|
|
172 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
2012 |
|
2011 |
|
2012 |
|
2011 |
|
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 |
$ |
1,113 |
|
|
$ |
9 |
|
|
$ |
870 |
|
|
$ |
— |
|
|
$ |
1,078 |
|
|
$ |
26 |
|
|
$ |
638 |
|
|
$ |
1 |
|
Commercial real estate |
1,318 |
|
|
4 |
|
|
2,041 |
|
|
1 |
|
|
1,661 |
|
|
12 |
|
|
1,913 |
|
|
3 |
|
Non-U.S. commercial |
140 |
|
|
1 |
|
|
96 |
|
|
— |
|
|
130 |
|
|
1 |
|
|
83 |
|
|
— |
|
U.S. small business commercial (1)
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
With an allowance recorded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
$ |
1,457 |
|
|
$ |
7 |
|
|
$ |
2,176 |
|
|
$ |
4 |
|
|
$ |
1,727 |
|
|
$ |
25 |
|
|
$ |
2,543 |
|
|
$ |
7 |
|
Commercial real estate |
1,552 |
|
|
3 |
|
|
3,013 |
|
|
10 |
|
|
1,865 |
|
|
13 |
|
|
3,505 |
|
|
14 |
|
Non-U.S. commercial |
50 |
|
|
1 |
|
|
72 |
|
|
3 |
|
|
56 |
|
|
2 |
|
|
97 |
|
|
3 |
|
U.S. small business commercial (1)
|
392 |
|
|
3 |
|
|
616 |
|
|
5 |
|
|
433 |
|
|
10 |
|
|
713 |
|
|
18 |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. commercial |
$ |
2,570 |
|
|
$ |
16 |
|
|
$ |
3,046 |
|
|
$ |
4 |
|
|
$ |
2,805 |
|
|
$ |
51 |
|
|
$ |
3,181 |
|
|
$ |
8 |
|
Commercial real estate |
2,870 |
|
|
7 |
|
|
5,054 |
|
|
11 |
|
|
3,526 |
|
|
25 |
|
|
5,418 |
|
|
17 |
|
Non-U.S. commercial |
190 |
|
|
2 |
|
|
168 |
|
|
3 |
|
|
186 |
|
|
3 |
|
|
180 |
|
|
3 |
|
U.S. small business commercial (1)
|
392 |
|
|
3 |
|
|
616 |
|
|
5 |
|
|
433 |
|
|
10 |
|
|
713 |
|
|
18 |
|
|
|
(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, 2012 and 2011 unpaid principal balance and carrying value of commercial loans that were modified as TDRs during the three and nine months ended September 30, 2012 and 2011, along with charge-offs that were recorded during the calendar quarter in which the modification occurred.
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial - TDRs Entered into During the Three Months Ended September 30, 2012 and 2011 |
|
September 30, 2012 |
|
Three Months Ended September 30, 2012 |
(Dollars in millions) |
Unpaid Principal Balance |
|
Carrying Value |
|
Net Charge-offs |
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 |
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Three Months Ended September 30, 2011 |
U.S. commercial |
$ |
417 |
|
|
$ |
320 |
|
|
$ |
19 |
|
Commercial real estate |
652 |
|
|
525 |
|
|
58 |
|
Non-U.S. commercial |
— |
|
|
— |
|
|
— |
|
U.S. small business commercial (1)
|
14 |
|
|
14 |
|
|
— |
|
Total |
$ |
1,083 |
|
|
$ |
859 |
|
|
$ |
77 |
|
|
|
|
|
|
|
Commercial - TDRs Entered into During the Nine Months Ended September 30, 2012 and 2011 |
|
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 |
|
|
|
|
|
|
|
|
September 30, 2011 |
|
Nine Months Ended September 30, 2011 |
U.S. commercial |
$ |
1,250 |
|
|
$ |
1,087 |
|
|
$ |
49 |
|
Commercial real estate |
1,760 |
|
|
1,444 |
|
|
129 |
|
Non-U.S. commercial |
49 |
|
|
49 |
|
|
— |
|
U.S. small business commercial (1)
|
53 |
|
|
55 |
|
|
11 |
|
Total |
$ |
3,112 |
|
|
$ |
2,635 |
|
|
$ |
189 |
|
|
|
(1) |
U.S. small business commercial TDRs are comprised of renegotiated small business card loans.
|
|