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

v3.21.1

Outstanding Loans and Leases and Allowance for Credit Losses (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Loans and Leases Outstanding	The following tables present total outstanding loans and leases and an aging analysis for the Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments, by class of financing receivables, at March 31, 2021 and December 31, 2020. 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or More Past Due (1) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (1) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) March 31, 2021 Consumer real estate             Residential mortgage $ 1,230  $ 414  $ 1,635  $ 3,279  $ 211,500  $ 214,779  Home equity 139  75  362  576  31,502  32,078  Credit card and other consumer Credit card 316  246  755  1,317  71,469  72,786  Direct/Indirect consumer (2) 143  44  27  214  91,523  91,737  Other consumer —  —  —  —  132  132  Total consumer 1,828  779  2,779  5,386  406,126  411,512  Consumer loans accounted for under the fair value option (3)           $ 693  693  Total consumer loans and leases 1,828  779  2,779  5,386  406,126  693  412,205  Commercial U.S. commercial 1,201  220  349  1,770  281,459  283,229  Non-U.S. commercial 112  26  105  243  91,092  91,335  Commercial real estate (4) 44  141  230  415  58,349  58,764  Commercial lease financing 138  25  48  211  16,148  16,359  U.S. small business commercial (5) 65  41  107  213  34,673  34,886  Total commercial 1,560  453  839  2,852  481,721  484,573  Commercial loans accounted for under the fair value option (3)           6,310  6,310  Total commercial loans and leases 1,560  453  839  2,852  481,721  6,310  490,883  Total loans and leases (6) $ 3,388  $ 1,232  $ 3,618  $ 8,238  $ 887,847  $ 7,003  $ 903,088  Percentage of outstandings 0.37  % 0.14  % 0.40  % 0.91  % 98.31  % 0.78  % 100.00  % (1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $203 million and nonperforming loans of $128 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $100 million and nonperforming loans of $124 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $728 million. Consumer real estate loans current or less than 30 days past due includes $1.5 billion and direct/indirect consumer includes $53 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Total outstandings primarily includes auto and specialty lending loans and leases of $45.4 billion, U.S. securities-based lending loans of $42.4 billion and non-U.S. consumer loans of $3.1 billion. (3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $275 million and home equity loans of $418 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $4.2 billion and non-U.S. commercial loans of $2.1 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option. (4)Total outstandings includes U.S. commercial real estate loans of $55.8 billion and non-U.S. commercial real estate loans of $3.0 billion. (5)Includes Paycheck Protection Program loans. (6)Total outstandings includes loans and leases pledged as collateral of $15.3 billion. The Corporation also pledged $145.5 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank. 30-59 Days Past Due (1) 60-89 Days Past Due (1) 90 Days or More Past Due (1) Total Past Due 30 Days or More Total Current or Less Than 30 Days Past Due (1) Loans Accounted for Under the Fair Value Option Total Outstandings (Dollars in millions) December 31, 2020 Consumer real estate             Residential mortgage $ 1,430  $ 297  $ 1,699  $ 3,426  $ 220,129  $ 223,555  Home equity 154  78  345  577  33,734  34,311  Credit card and other consumer           Credit card 445  341  903  1,689  77,019    78,708  Direct/Indirect consumer (2) 209  67  37  313  91,050    91,363  Other consumer  —  —  —  —  124    124  Total consumer 2,238  783  2,984  6,005  422,056  428,061  Consumer loans accounted for under the fair value option (3) $ 735  735  Total consumer loans and leases 2,238  783  2,984  6,005  422,056  735  428,796  Commercial               U.S. commercial 561  214  512  1,287  287,441    288,728  Non-U.S. commercial 61  44  11  116  90,344    90,460  Commercial real estate (4) 128  113  226  467  59,897    60,364  Commercial lease financing 86  20  57  163  16,935    17,098  U.S. small business commercial (5) 84  56  123  263  36,206    36,469  Total commercial 920  447  929  2,296  490,823    493,119  Commercial loans accounted for under the fair value option (3) 5,946  5,946  Total commercial loans and leases 920  447  929  2,296  490,823  5,946  499,065  Total loans and leases (6) $ 3,158  $ 1,230  $ 3,913  $ 8,301  $ 912,879  $ 6,681  $ 927,861  Percentage of outstandings 0.34  % 0.13  % 0.42  % 0.89  % 98.39  % 0.72  % 100.00  % (1)Consumer real estate loans 30-59 days past due includes fully-insured loans of $225 million and nonperforming loans of $126 million. Consumer real estate loans 60-89 days past due includes fully-insured loans of $103 million and nonperforming loans of $95 million. Consumer real estate loans 90 days or more past due includes fully-insured loans of $762 million. Consumer real estate loans current or less than 30 days past due includes $1.2 billion and direct/indirect consumer includes $66 million of nonperforming loans. For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Total outstandings primarily includes auto and specialty lending loans and leases of $46.4 billion, U.S. securities-based lending loans of $41.1 billion and non-U .S. consumer loans of $3.0 billion. (3)Consumer loans accounted for under the fair value option includes residential mortgage loans of $298 million and home equity loans of $437 million. Commercial loans accounted for under the fair value option includes U.S. commercial loans of $2.9 billion and non-U.S. commercial loans of $3.0 billion. For more information, see Note 14 – Fair Value Measurements and Note 15 – Fair Value Option. (4)Total outstandings includes U.S. commercial real estate loans of $57.2 billion and non-U.S. commercial real estate loans of $3.2 billion. (5)Includes Paycheck Protection Program loans. (6)Total outstandings includes loans and leases pledged as collateral of $15.5 billion. The Corporation also pledged $153.1 billion of loans with no related outstanding borrowings to secure potential borrowing capacity with the Federal Reserve Bank and Federal Home Loan Bank.
Schedule of Financing Receivables, Non Accrual Status	The following table presents the Corporation’s nonperforming loans and leases including nonperforming troubled debt restructurings (TDRs), and loans accruing past due 90 days or more at March 31, 2021 and December 31, 2020. Nonperforming loans held-for-sale (LHFS) are excluded from nonperforming loans and leases as they are recorded at either fair value or the lower of cost or fair value. For information on the Corporation's interest accrual policies, delinquency status for loan modifications related to the pandemic and the criteria for classification as nonperforming, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. Credit Quality Nonperforming Loans and Leases Accruing Past Due 90 Days or More (1) (Dollars in millions) March 31 2021 December 31 2020 March 31 2021 December 31 2020 Residential mortgage (2) $ 2,366  $ 2,005  $ 728  $ 762  With no related allowance (3) 1,413  1,378  —  —  Home equity (2) 669  649  —  —  With no related allowance (3) 326  347  —  —  Credit Card n/a n/a 755  903  Direct/indirect consumer 56  71  25  33  Total consumer 3,091  2,725  1,508  1,698  U.S. commercial 1,228  1,243  99  228  Non-U.S. commercial 342  418  4  10  Commercial real estate 354  404  63  6  Commercial lease financing 80  87  20  25  U.S. small business commercial 67  75  98  115  Total commercial 2,071  2,227  284  384  Total nonperforming loans $ 5,162  $ 4,952  $ 1,792  $ 2,082  Percentage of outstanding loans and leases 0.58  % 0.54  % 0.20  % 0.23  % (1)For information on the Corporation's interest accrual policies and delinquency status for loan modifications related to the pandemic, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Residential mortgage loans accruing past due 90 days or more are fully-insured loans. At March 31, 2021 and December 31, 2020 residential mortgage includes $527 million and $537 million of loans on which interest had been curtailed by the Federal Housing Administration (FHA), and therefore were no longer accruing interest, although principal was still insured, and $201 million and $225 million of loans on which interest was still accruing. (3)Primarily relates to loans for which the estimated fair value of the underlying collateral less any costs to sell is greater than the amortized cost of the loans as of the reporting date. n/a = not applicable
Financing Receivable Credit Quality Indicators	The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at March 31, 2021, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of March 31, 2021 2021 2020 2019 2018 2017 Prior Total Residential Mortgage Refreshed LTV       Less than or equal to 90 percent $ 198,785  $ 24,600  $ 61,767  $ 34,753  $ 11,133  $ 16,831  $ 49,701  Greater than 90 percent but less than or equal to 100 percent 2,966  544  1,576  497  75  48  226  Greater than 100 percent 1,061  265  416  127  34  25  194  Fully-insured loans 11,967  722  4,122  1,693  316  302  4,812  Total Residential Mortgage $ 214,779  $ 26,131  $ 67,881  $ 37,070  $ 11,558  $ 17,206  $ 54,933  Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,601  $ 316  $ 550  $ 162  $ 131  $ 139  $ 1,303  Greater than or equal to 620 and less than 680 5,167  522  1,374  640  405  352  1,874  Greater than or equal to 680 and less than 740 23,267  2,345  6,998  3,670  1,570  1,993  6,691  Greater than or equal to 740 171,777  22,226  54,837  30,905  9,136  14,420  40,253  Fully-insured loans 11,967  722  4,122  1,693  316  302  4,812  Total Residential Mortgage $ 214,779  $ 26,131  $ 67,881  $ 37,070  $ 11,558  $ 17,206  $ 54,933  Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) March 31, 2021 Total Home Equity Refreshed LTV       Less than or equal to 90 percent $ 31,330  $ 1,885  $ 21,131  $ 8,314  Greater than 90 percent but less than or equal to 100 percent 307  116  82  109  Greater than 100 percent 441  156  104  181  Total Home Equity $ 32,078  $ 2,157  $ 21,317  $ 8,604  Total Home Equity Refreshed FICO score Less than 620 $ 1,046  $ 251  $ 237  $ 558  Greater than or equal to 620 and less than 680 1,686  247  541  898  Greater than or equal to 680 and less than 740 5,308  540  2,649  2,119  Greater than or equal to 740 24,038  1,119  17,890  5,029  Total Home Equity $ 32,078  $ 2,157  $ 21,317  $ 8,604  (1)At March 31, 2021, includes reverse mortgages of $1.4 billion and home equity loans of $800 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/Indirect as of March 31, 2021 Revolving Loans 2021 2020 2019 2018 2017 Prior Total Credit Card as of March 31, 2021 Revolving Loans Revolving Loans Converted to Term Loans (3) Refreshed FICO score     Less than 620 $ 830  $ 17  $ 16  $ 120  $ 185  $ 146  $ 192  $ 154  $ 3,416  $ 3,235  $ 181  Greater than or equal to 620 and less than 680 2,003  18  191  585  476  273  243  217  8,482  8,267  215  Greater than or equal to 680 and less than 740 7,230  71  958  2,462  1,722  853  597  567  25,592  25,392  200  Greater than or equal to 740 35,592  106  3,750  11,521  9,507  4,982  2,885  2,841  35,296  35,249  47  Other internal credit    metrics (1, 2) 46,082  45,490  46  79  119  87  65  196  —  —  —  Total credit card and other    consumer $ 91,737  $ 45,702  $ 4,961  $ 14,767  $ 12,009  $ 6,341  $ 3,982  $ 3,975  $ 72,786  $ 72,143  $ 643  (1)Other internal credit metrics may include delinquency status, geography or other factors. (2)Direct/indirect consumer includes $45.5 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at March 31, 2021. (3)Represents TDRs that were modified into term loans. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of March 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans U.S. Commercial Risk ratings         Pass rated $ 266,387  $ 9,884  $ 29,264  $ 31,405  $ 15,382  $ 13,010  $ 28,776  $ 138,666  Reservable criticized 16,842  72  1,512  2,339  2,594  793  1,844  7,688  Total U.S. Commercial $ 283,229  $ 9,956  $ 30,776  $ 33,744  $ 17,976  $ 13,803  $ 30,620  $ 146,354  Non-U.S. Commercial Risk ratings Pass rated $ 87,089  $ 4,618  $ 13,801  $ 9,692  $ 6,189  $ 3,595  $ 3,165  $ 46,029  Reservable criticized 4,246  272  809  736  498  395  397  1,139  Total Non-U.S. Commercial $ 91,335  $ 4,890  $ 14,610  $ 10,428  $ 6,687  $ 3,990  $ 3,562  $ 47,168  Commercial Real Estate Risk ratings Pass rated $ 49,019  $ 1,535  $ 8,053  $ 13,295  $ 7,503  $ 4,590  $ 9,241  $ 4,802  Reservable criticized 9,745  143  794  2,688  2,225  1,356  1,910  629  Total Commercial Real Estate $ 58,764  $ 1,678  $ 8,847  $ 15,983  $ 9,728  $ 5,946  $ 11,151  $ 5,431  Commercial Lease Financing Risk ratings Pass rated $ 15,666  $ 437  $ 2,938  $ 3,123  $ 2,597  $ 2,331  $ 4,240  $ —  Reservable criticized 693  28  110  148  112  70  225  —  Total Commercial Lease Financing $ 16,359  $ 465  $ 3,048  $ 3,271  $ 2,709  $ 2,401  $ 4,465  $ —  U.S. Small Business Commercial (3) Risk ratings Pass rated $ 27,410  $ 8,323  $ 15,411  $ 1,118  $ 829  $ 729  $ 838  $ 162  Reservable criticized 911  2  60  201  173  131  335  9  Total U.S. Small Business Commercial $ 28,321  $ 8,325  $ 15,471  $ 1,319  $ 1,002  $ 860  $ 1,173  $ 171   Total $ 478,008  $ 25,314  $ 72,752  $ 64,745  $ 38,102  $ 27,000  $ 50,971  $ 199,124  (1) Excludes $6.3 billion of loans accounted for under the fair value option at March 31, 2021. (2)     Includes $41 million of loans that converted from revolving to term loans. (3)     Excludes U.S. Small Business Card loans of $6.6 billion. Refreshed FICO scores for this portfolio are $230 million for less than 620; $553 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $4.1 billion greater than or equal to 740. The following tables present certain credit quality indicators for the Corporation's Consumer Real Estate, Credit Card and Other Consumer, and Commercial portfolio segments by class of financing receivables and year of origination for term loan balances at December 31, 2020, including revolving loans that converted to term loans without an additional credit decision after origination or through a TDR. Residential Mortgage – Credit Quality Indicators By Vintage Term Loans by Origination Year (Dollars in millions) Total as of December 31, 2020 2020 2019 2018 2017 2016 Prior Total Residential Mortgage Refreshed LTV Less than or equal to 90 percent $ 207,389  $ 68,907  $ 43,771  $ 14,658  $ 21,589  $ 22,967  $ 35,497  Greater than 90 percent but less than or equal to 100 percent 3,138  1,970  684  128  70  96  190  Greater than 100 percent 1,210  702  174  47  39  37  211  Fully-insured loans 11,818  3,826  2,014  370  342  1,970  3,296  Total Residential Mortgage $ 223,555  $ 75,405  $ 46,643  $ 15,203  $ 22,040  $ 25,070  $ 39,194  Total Residential Mortgage Refreshed FICO score Less than 620 $ 2,717  $ 823  $ 177  $ 139  $ 170  $ 150  $ 1,258  Greater than or equal to 620 and less than 680 5,462  1,804  666  468  385  368  1,771  Greater than or equal to 680 and less than 740 25,349  8,533  4,679  1,972  2,427  2,307  5,431  Greater than or equal to 740 178,209  60,419  39,107  12,254  18,716  20,275  27,438  Fully-insured loans 11,818  3,826  2,014  370  342  1,970  3,296  Total Residential Mortgage $ 223,555  $ 75,405  $ 46,643  $ 15,203  $ 22,040  $ 25,070  $ 39,194  Home Equity - Credit Quality Indicators Total Home Equity Loans and Reverse Mortgages (1) Revolving Loans Revolving Loans Converted to Term Loans (Dollars in millions) December 31, 2020 Total Home Equity Refreshed LTV Less than or equal to 90 percent $ 33,447  $ 1,919  $ 22,639  $ 8,889  Greater than 90 percent but less than or equal to 100 percent 351  126  94  131  Greater than 100 percent 513  172  118  223  Total Home Equity $ 34,311  $ 2,217  $ 22,851  $ 9,243  Total Home Equity Refreshed FICO score Less than 620 $ 1,082  $ 250  $ 244  $ 588  Greater than or equal to 620 and less than 680 1,798  263  568  967  Greater than or equal to 680 and less than 740 5,762  556  2,905  2,301  Greater than or equal to 740 25,669  1,148  19,134  5,387  Total Home Equity $ 34,311  $ 2,217  $ 22,851  $ 9,243  (1)At December 31, 2020, includes reverse mortgages of $1.3 billion and home equity loans of $885 million which are no longer originated. Credit Card and Direct/Indirect Consumer – Credit Quality Indicators By Vintage Direct/Indirect Term Loans by Origination Year Credit Card (Dollars in millions) Total Direct/Indirect as of December 31, 2020 Revolving Loans 2020 2019 2018 2017 2016 Prior Total Credit Card as of December 31, 2020 Revolving Loans Revolving Loans Converted to Term Loans (3) Refreshed FICO score Less than 620 $ 959  $ 19  $ 111  $ 200  $ 175  $ 243  $ 148  $ 63  $ 4,018  $ 3,832  $ 186  Greater than or equal to 620 and less than 680 2,143  20  653  559  329  301  176  105  9,419  9,201  218  Greater than or equal to 680 and less than 740 7,431  80  2,848  2,015  1,033  739  400  316  27,585  27,392  193  Greater than or equal to 740 36,064  120  12,540  10,588  5,869  3,495  1,781  1,671  37,686  37,642  44  Other internal credit    metrics (1, 2) 44,766  44,098  74  115  84  67  52  276  —  —  —  Total credit card and other    consumer $ 91,363  $ 44,337  $ 16,226  $ 13,477  $ 7,490  $ 4,845  $ 2,557  $ 2,431  $ 78,708  $ 78,067  $ 641  (1)Other internal credit metrics may include delinquency status, geography or other factors. (2)Direct/indirect consumer includes $44.1 billion of securities-based lending which is typically supported by highly liquid collateral with market value greater than or equal to the outstanding loan balance and therefore has minimal credit risk at December 31, 2020. (3)Represents TDRs that were modified into term loans. Commercial – Credit Quality Indicators By Vintage (1, 2) Term Loans Amortized Cost Basis by Origination Year (Dollars in millions) Total as of December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans U.S. Commercial Risk ratings         Pass rated $ 268,812  $ 33,456  $ 33,305  $ 17,363  $ 14,102  $ 7,420  $ 21,784  $ 141,382  Reservable criticized 19,916  2,524  2,542  2,689  854  698  1,402  9,207  Total U.S. Commercial $ 288,728  $ 35,980  $ 35,847  $ 20,052  $ 14,956  $ 8,118  $ 23,186  $ 150,589  Non-U.S. Commercial Risk ratings Pass rated $ 85,914  $ 16,301  $ 11,396  $ 7,451  $ 5,037  $ 1,674  $ 2,194  $ 41,861  Reservable criticized 4,546  914  572  492  436  138  259  1,735  Total Non-U.S. Commercial $ 90,460  $ 17,215  $ 11,968  $ 7,943  $ 5,473  $ 1,812  $ 2,453  $ 43,596  Commercial Real Estate Risk ratings Pass rated $ 50,260  $ 8,429  $ 14,126  $ 8,228  $ 4,599  $ 3,299  $ 6,542  $ 5,037  Reservable criticized 10,104  933  2,558  2,115  1,582  606  1,436  874  Total Commercial Real Estate $ 60,364  $ 9,362  $ 16,684  $ 10,343  $ 6,181  $ 3,905  $ 7,978  $ 5,911  Commercial Lease Financing Risk ratings Pass rated $ 16,384  $ 3,083  $ 3,242  $ 2,956  $ 2,532  $ 1,703  $ 2,868  $ —  Reservable criticized 714  117  117  132  81  88  179  —  Total Commercial Lease Financing $ 17,098  $ 3,200  $ 3,359  $ 3,088  $ 2,613  $ 1,791  $ 3,047  $ —  U.S. Small Business Commercial (3) Risk ratings Pass rated $ 28,786  $ 24,539  $ 1,121  $ 837  $ 735  $ 527  $ 855  $ 172  Reservable criticized 1,148  76  239  210  175  113  322  13  Total U.S. Small Business Commercial $ 29,934  $ 24,615  $ 1,360  $ 1,047  $ 910  $ 640  $ 1,177  $ 185   Total $ 486,584  $ 90,372  $ 69,218  $ 42,473  $ 30,133  $ 16,266  $ 37,841  $ 200,281  (1) Excludes $5.9 billion of loans accounted for under the fair value option at December 31, 2020. (2)     Includes $58 million of loans that converted from revolving to term loans. (3)     Excludes U.S. Small Business Card loans of $6.5 billion. Refreshed FICO scores for this portfolio are $265 million for less than 620; $582 million for greater than or equal to 620 and less than 680; $1.7 billion for greater than or equal to 680 and less than 740; and $3.9 billion greater than or equal to 740.
Troubled Debt Restructurings on Financing Receivables	The table below presents the March 31, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of consumer real estate loans that were modified in TDRs during the three months ended March 31, 2021 and 2020. The following Consumer Real Estate portfolio segment tables include loans that were initially classified as TDRs during the period and also loans that had previously been classified as TDRs and were modified again during the period. Consumer Real Estate – TDRs Entered into During the Three Months Ended March 31, 2021 and 2020 (1) Unpaid Principal Balance Carrying Value Pre-Modification Interest Rate Post-Modification Interest Rate (2) (Dollars in millions) March 31, 2021 Residential mortgage $ 519  $ 464  3.50  % 3.48  % Home equity 62  49  3.43  3.44  Total $ 581  $ 513  3.49  3.48  March 31, 2020 Residential mortgage $ 122  $ 103  4.04  % 3.94  % Home equity 23  20  4.69  4.68  Total $ 145  $ 123  4.15  4.06  (1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period. The following table presents the March 31, 2021 and 2020 carrying value for consumer real estate loans that were modified in a TDR during the three months ended March 31, 2021 and 2020, by type of modification. Consumer Real Estate – Modification Programs (1) TDRs Entered into During the Three Months Ended March 31 (Dollars in millions) 2021 2020 Modifications under government programs $ 1  $ 1  Modifications under proprietary programs 472  28  Loans discharged in Chapter 7 bankruptcy (2) 11  15  Trial modifications 29  79  Total modifications $ 513  $ 123  (1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. The table below presents the carrying value of consumer real estate loans that entered into payment default during the three months ended March 31, 2021 and 2020 that were modified in a TDR during the 12 months preceding payment default. A payment default for consumer real estate TDRs is recognized when a borrower has missed three monthly payments (not necessarily consecutively) since modification. Consumer Real Estate – TDRs Entering Payment Default that were Modified During the Preceding 12 Months (1) Three Months Ended March 31 (Dollars in millions) 2021 2020 Modifications under government programs $ 1  $ 6  Modifications under proprietary programs 12  14  Loans discharged in Chapter 7 bankruptcy (2) 3  7  Trial modifications (3) 6  18  Total modifications $ 22  $ 45  (1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs. (3)Includes trial modification offers to which the customer did not respond. The table below provides information on the Corporation’s Credit Card and Other Consumer TDR portfolio including the March 31, 2021 and 2020 unpaid principal balance, carrying value, and average pre- and post-modification interest rates of loans that were modified in TDRs during the three months ended March 31, 2021 and 2020. Credit Card and Other Consumer – TDRs Entered into During the Three Months Ended March 31, 2021 and 2020 (1)   Unpaid Principal Balance Carrying Value (2) Pre-Modification Interest Rate Post-Modification Interest Rate (Dollars in millions) March 31, 2021 Credit card $ 82  $ 90  18.55  % 4.97  % Direct/Indirect consumer 8  5  5.64  5.64  Total $ 90  $ 95  17.85  5.01  March 31, 2020 Credit card $ 94  $ 101  18.52  % 5.30  % Direct/Indirect consumer 17  9  5.34  5.34  Total $ 111  $ 110  17.40  5.30  (1)For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K. (2)Includes accrued interest and fees. The following table presents the March 31, 2021 and 2020 carrying value for Credit Card and Other Consumer loans that were modified in a TDR during the three months ended March 31, 2021 and 2020, by program type. Credit Card and Other Consumer – TDRs by Program Type (1) TDRs Entered into During the Three Months Ended March 31 (Dollars in millions) 2021 2020 Internal programs $ 74  $ 74  External programs 17  27  Other 4  9  Total $ 95  $ 110  (1)Includes accrued interest and fees. For more information on the Corporation's loan modification programs offered in response to the pandemic, most of which are not TDRs, see Note 1 – Summary of Significant Accounting Principles to the Consolidated Financial Statements of the Corporation’s 2020 Annual Report on Form 10-K.
Changes in the Allowance for Credit Losses	The changes in the allowance for credit losses, including net charge-offs and provision for loan and lease losses, are detailed in the table below. Consumer Real Estate Credit Card and  Other Consumer Commercial Total (Dollars in millions) Three Months Ended March 31, 2021 Allowance for loan and lease losses, January 1 $ 858  $ 9,213  $ 8,731  $ 18,802  Loans and leases charged off (15) (977) (194) (1,186) Recoveries of loans and leases previously charged off 54  245  64  363  Net charge-offs 39  (732) (130) (823) Provision for loan and lease losses (207) (536) (1,068) (1,811) Other (1) 1  —  —  Allowance for loan and lease losses, March 31 689  7,946  7,533  16,168  Reserve for unfunded lending commitments, January 1 137  —  1,741  1,878  Provision for unfunded lending commitments (13) —  (36) (49) Reserve for unfunded lending commitments, March 31 124  —  1,705  1,829  Allowance for credit losses, March 31 $ 813  $ 7,946  $ 9,238  $ 17,997  Three Months Ended March 31, 2020 Allowance for loan and lease losses, January 1 $ 440  $ 7,430  $ 4,488  $ 12,358  Loans and leases charged off (35) (1,121) (282) (1,438) Recoveries of loans and leases previously charged off 47  237  32  316  Net charge-offs 12  (884) (250) (1,122) Provision for loan and lease losses 351  1,712  2,462  4,525  Other 5  —  —  5  Allowance for loan and lease losses, March 31 808  8,258  6,700  15,766  Reserve for unfunded lending commitments, January 1 119  —  1,004  1,123  Provision for unfunded lending commitments 30  —  206  236  Other —  —  1  1  Reserve for unfunded lending commitments, March 31 149  —  1,211  1,360  Allowance for credit losses, March 31 $ 957  $ 8,258  $ 7,911  $ 17,126