Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three portfolio segments: Credit Card, Consumer Banking and Commercial Banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in the tables in this note excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

Accrued interest receivable of $2.2 billion as of both March 31, 2025 and December 31, 2024 is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of March 31, 2025 and December 31, 2024. The delinquency aging includes all past due loans, both performing and nonperforming.

Table 4.1: Loan Portfolio Composition and Aging Analysis


	March 31, 2025
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	143,920	$	1,802	$	1,363	$	3,224	$	6,389	$	150,309
International card businesses	6,559		104		71		146		321		6,880
Total credit card	150,479		1,906		1,434		3,370		6,710		157,189
Consumer Banking:
Auto	73,360		2,744		1,176		376		4,296		77,656
Retail banking	1,219		10		5		6		21		1,240
Total consumer banking	74,579		2,754		1,181		382		4,317		78,896
Commercial Banking:
Commercial and multifamily real estate	31,956		1		0		14		15		31,971
Commercial and industrial	55,237		114		48		143		305		55,542
Total commercial banking	87,193		115		48		157		320		87,513
Total loans(1)	$	312,251	$	4,775	$	2,663	$	3,909	$	11,347	$	323,598
% of Total loans	96.49%		1.48%		0.82%		1.21%		3.51%		100.00%


	December 31, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	148,565	$	1,973	$	1,503	$	3,577	$	7,053	$	155,618
International card businesses	6,570		107		72		141		320		6,890
Total credit card	155,135		2,080		1,575		3,718		7,373		162,508
Consumer Banking:
Auto	71,600		3,149		1,529		551		5,229		76,829
Retail banking	1,237		13		3		10		26		1,263
Total consumer banking	72,837		3,162		1,532		561		5,255		78,092


	December 31, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Commercial Banking:
Commercial and multifamily real estate	31,733		31		9		130		170		31,903
Commercial and industrial	55,030		3		22		217		242		55,272
Total commercial banking	86,763		34		31		347		412		87,175
Total loans(1)	$	314,735	$	5,276	$	3,138	$	4,626	$	13,040	$	327,775
% of Total loans	96.02%		1.61%		0.96%		1.41%		3.98%		100.00%

__________

The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of March 31, 2025 and December 31, 2024. Nonperforming loans generally include loans that have been placed on nonaccrual status. We recognized interest income for loans classified as nonperforming of $3 million and $5 million for the three months ended March 31, 2025 and 2024, respectively.


	March 31, 2025									December 31, 2024
(Dollars in millions)	> 90 Days and Accruing			Nonperforming Loans			Nonperforming Loans Without an Allowance			> 90 Days and Accruing			Nonperforming Loans			Nonperforming Loans Without an Allowance
Credit Card:
Domestic credit card	$	3,224		N/A			$	0		$	3,577		N/A			$	0
International card businesses	141			$	9		0			134			$	10		0
Total credit card	3,365			9			0			3,711			10			0
Consumer Banking:
Auto	0			561			0			0			750			0
Retail banking	0			23			10			0			25			12
Total consumer banking	0			584			10			0			775			12
Commercial Banking:
Commercial and multifamily real estate	0			393			240			0			509			227
Commercial and industrial	0			831			313			96			701			607
Total commercial banking	0			1,224			553			96			1,210			834
Total	$	3,365		$	1,817		$	563		$	3,807		$	1,995		$	846
% of Total loans held for investment	1.04		%	0.56		%	0.17		%	1.16		%	0.61		%	0.26		%

Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as the U.S. unemployment rate and U.S. Real Gross Domestic Product (“GDP”) growth rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our credit card loan portfolio is delinquency trends, including an analysis of loan migration between delinquency categories over time.


	March 31, 2025						December 31, 2024
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	143,439	$	481	$	143,920	$	148,112	$	453	$	148,565
30-59 days	1,773		29		1,802		1,944		29		1,973
60-89 days	1,343		20		1,363		1,483		20		1,503
Greater than 90 days	3,195		29		3,224		3,549		28		3,577
Total domestic credit card	149,750		559		150,309		155,088		530		155,618

International card businesses:
Current	6,519		40		6,559		6,533		37		6,570
30-59 days	99		5		104		102		5		107
60-89 days	68		3		71		69		3		72
Greater than 90 days	141		5		146		135		6		141
Total international card businesses	6,827		53		6,880		6,839		51		6,890
Total credit card	$	156,577	$	612	$	157,189	$	161,927	$	581	$	162,508

Our consumer banking loan portfolio consists of auto and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we consider when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.

The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of March 31, 2025 and December 31, 2024. We present our auto loan portfolio by Fair Isaac Corporation (“FICO”) scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.


	March 31, 2025
	Term Loans by Vintage Year
(Dollars in millions)	2025		2024		2023		2022		2021		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	4,471	$	15,568	$	7,478	$	7,213	$	4,785	$	1,413	$	40,928	$	0	$	0	$	40,928
621-660	1,657		5,201		3,166		2,568		1,697		690		14,979		0		0		14,979
620 or below	2,983		7,607		4,439		3,208		2,181		1,331		21,749		0		0		21,749
Total auto	9,111		28,376		15,083		12,989		8,663		3,434		77,656		0		0		77,656

Retail banking—Delinquency status:
Current	40		130		78		87		46		493		874		342		3		1,219
30-59 days	0		0		0		0		0		1		1		9		0		10
60-89 days	0		0		0		0		0		2		2		3		0		5
Greater than 90 days	0		0		0		0		0		3		3		3		0		6
Total retail banking	40		130		78		87		46		499		880		357		3		1,240
Total consumer banking	$	9,151	$	28,506	$	15,161	$	13,076	$	8,709	$	3,933	$	78,536	$	357	$	3	$	78,896


	December 31, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	17,057	$	8,333	$	8,194	$	5,621	$	1,482	$	394	$	41,081	$	0	$	0	$	41,081
621-660	5,584		3,492		2,906		1,986		667		235		14,870		0		0		14,870
620 or below	8,102		4,882		3,626		2,546		1,207		515		20,878		0		0		20,878
Total auto	30,743		16,707		14,726		10,153		3,356		1,144		76,829		0		0		76,829

Retail banking—Delinquency status:
Current	143		78		93		49		51		469		883		351		3		1,237
30-59 days	0		0		0		0		0		2		2		11		0		13
60-89 days	0		0		0		0		0		1		1		2		0		3
Greater than 90 days	0		0		0		0		1		7		8		1		1		10
Total retail banking	143		78		93		49		52		479		894		365		4		1,263
Total consumer banking	$	30,886	$	16,785	$	14,819	$	10,202	$	3,408	$	1,623	$	77,723	$	365	$	4	$	78,092

__________

(1)Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

The key credit quality indicator for our commercial loan portfolios is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:

•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.

We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.


	March 31, 2025
	Term Loans by Vintage Year
(Dollars in millions)	2025		2024		2023		2022		2021		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	761	$	1,841	$	2,606	$	3,764	$	2,078	$	5,421	$	16,471	$	12,764	$	50	$	29,285
Criticized performing	0		70		89		986		72		1,023		2,240		52		1		2,293
Criticized nonperforming	10		19		0		44		82		238		393		0		0		393
Total commercial and multifamily real estate	771		1,930		2,695		4,794		2,232		6,682		19,104		12,816		51		31,971
Commercial and industrial
Noncriticized	1,489		5,462		5,592		9,488		4,629		8,605		35,265		15,999		128		51,392
Criticized performing	2		168		395		625		784		431		2,405		914		0		3,319
Criticized nonperforming	4		63		13		205		132		254		671		160		0		831
Total commercial and industrial	1,495		5,693		6,000		10,318		5,545		9,290		38,341		17,073		128		55,542
Total commercial banking	$	2,266	$	7,623	$	8,695	$	15,112	$	7,777	$	15,972	$	57,445	$	29,889	$	179	$	87,513


	December 31, 2024
	Term Loans by Vintage Year
(Dollars in millions)	2024		2023		2022		2021		2020		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	1,820	$	2,574	$	3,846	$	2,230	$	903	$	4,887	$	16,260	$	12,691	$	49	$	29,000
Criticized performing	71		89		1,072		35		110		922		2,299		93		2		2,394
Criticized nonperforming	23		0		46		103		86		249		507		2		0		509
Total commercial and multifamily real estate	1,914		2,663		4,964		2,368		1,099		6,058		19,066		12,786		51		31,903
Commercial and industrial
Noncriticized	5,694		6,092		9,952		5,009		2,730		6,239		35,716		15,449		266		51,431
Criticized performing	101		190		680		932		92		258		2,253		887		0		3,140
Criticized nonperforming	41		13		186		43		184		91		558		143		0		701
Total commercial and industrial	5,836		6,295		10,818		5,984		3,006		6,588		38,527		16,479		266		55,272
Total commercial banking	$	7,750	$	8,958	$	15,782	$	8,352	$	4,105	$	12,646	$	57,593	$	29,265	$	317	$	87,175

__________

Table 4.6: Financial Difficulty Modifications to Borrowers


	Three Months Ended March 31, 2025
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	171		$	57		$	228		$	—		$	—		$	—		$	3		$	16		$	19		$	247
Term extension	—			—			—			33			3			36			210			201			411			447
Principal balance reduction	—			—			—			9			—			9			—			—			—			9

Interest rate reduction and term extension	4			—			4			269			—			269			—			—			—			273

Other(1)	—			—			—			1			—			1			32			107			139			140
Total loans modified	$	175		$	57		$	232		$	312		$	3		$	315		$	245		$	324		$	569		$	1,116
% of total class of receivables	0.12		%	0.83		%	0.15		%	0.40		%	0.21		%	0.40		%	0.77		%	0.58		%	0.65		%	0.35		%


	Three Months Ended March 31, 2024
	Credit Card									Consumer Banking									Commercial Banking
(Dollars in millions)	Domestic Card			International Card Businesses			Total Credit Card			Auto			Retail Banking			Total Consumer Banking			Commercial and Multifamily Real Estate			Commercial and Industrial			Total Commercial Banking			Total
Interest rate reduction	$	216		$	54		$	270		—			—			—			—			—			—			$	270
Term extension	—			—			—			$	6		$	2		$	8		$	316		$	135		$	451		459
Principal balance reduction	—			—			—			9			—			9			—			—			—			9

Interest rate reduction and term extension	5			—			5			274			—			274			28			—			28			307

Other(1)	—			—			—			1			—			1			91			46			137			138
Total loans modified	$	221		$	54		$	275		$	290		$	2		$	292		$	435		$	181		$	616		$	1,183
% of total class of receivables	0.15		%	0.80		%	0.18		%	0.39		%	0.14		%	0.39		%	1.27		%	0.33		%	0.69		%	0.38		%

__________


	Three Months Ended March 31, 2025
	Credit Card		Consumer Banking			Commercial Banking
(Dollars in millions)	Domestic Card	International Card Businesses		Auto	Retail Banking		Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.38%	25.30%		9.03%	—%		0.85%	0.25%
Payment delay duration (in months)	12	0		6	5		11	21
Principal balance reduction	—	—		—	—		—	—


	Three Months Ended March 31, 2024
	Credit Card		Consumer Banking		Commercial Banking
(Dollars in millions)	Domestic Card	International Card Businesses	Auto	Retail Banking	Commercial and Multifamily Real Estate	Commercial and Industrial
Weighted-average interest rate reduction	19.99%	26.12%	8.65%	—%	0.79%	—%
Payment delay duration (in months)	12	0	6	10	6	12
Principal balance reduction	—	—	—	—	—	$15

We monitor loan performance trends, including FDMs, to assess and manage our exposure to credit risk. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2024 Form 10-K for additional information on how the allowance for modified loans is calculated for each portfolio segment. FDMs are accumulated and the performance of each loan that received an FDM is reported on a rolling twelve month basis.


	March 31, 2025
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	388	$	51	$	38	$	75	$	164	$	552
International card businesses	71		11		10		35		56		127
Total credit card	459		62		48		110		220		679
Consumer Banking:
Auto	608		89		48		18		155		763
Retail banking	6		0		0		1		1		7
Total consumer banking	614		89		48		19		156		770
Commercial Banking:
Commercial and multifamily real estate	631		0		0		0		0		631
Commercial and industrial	880		20		48		43		111		991
Total commercial banking	1,511		20		48		43		111		1,622
Total	$	2,584	$	171	$	144	$	172	$	487	$	3,071


	March 31, 2024
			Delinquent Loans
(Dollars in millions)	Current		30-59 Days		60-89 Days		> 90 Days		Total Delinquent Loans		Total Loans
Credit Card:
Domestic credit card	$	407	$	67	$	56	$	116	$	239	$	646
International card businesses	53		10		10		33		53		106
Total credit card	460		77		66		149		292		752
Consumer Banking:
Auto	626		93		54		19		166		792
Retail banking	9		0		1		0		1		10
Total consumer banking	635		93		55		19		167		802
Commercial Banking:
Commercial and multifamily real estate	556		0		0		22		22		578
Commercial and industrial	842		0		27		31		58		900
Total commercial banking	1,398		0		27		53		80		1,478
Total	$	2,493	$	170	$	148	$	221	$	539	$	3,032

__________

FDMs may subsequently enter default. A default occurs if a FDM is either 90 days or more delinquent, has been charged off, or has been reclassified from accrual to nonaccrual status. Loans that entered a modification program while in default are not considered to have subsequently defaulted for purposes of this disclosure. The allowance for any FDMs that have subsequently defaulted is measured using the same methodology as the allowance for loans held for investment. See “Part II—Item 8. Financial Statements and Supplementary Data—Note 1—Summary of Significant Accounting Policies” in our 2024 Form 10-K for additional information.

Table 4.9 Subsequent Defaults of Financial Difficulty Modifications to Borrowers


	Three Months Ended March 31, 2025
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Other Modifications		Total Loans
Credit Card:
Domestic credit card	$	37	$	0	$	1	$	0	$	38
International card businesses	21		0		0		0		21
Total credit card	58		0		1		0		59
Consumer Banking:
Auto	0		1		85		0		86

Total consumer banking	0		1		85		0		86
Commercial Banking:
Commercial and multifamily real estate	0		0		0		4		4
Commercial and industrial	0		0		0		0		0
Total commercial banking	0		0		0		4		4
Total	$	58	$	1	$	86	$	4	$	149


	Three Months Ended March 31, 2024
(Dollars in millions)	Interest Rate Reduction		Term Extension		Interest Rate Reduction and Term Extension		Total Loans
Credit Card:
Domestic credit card	$	74	$	0	$	1	$	75
International card businesses	17		0		0		17
Total credit card	91		0		1		92
Consumer Banking:
Auto	0		3		103		106

Total consumer banking	0		3		103		106
Commercial Banking:
Commercial and multifamily real estate	0		0		0		0
Commercial and industrial	0		67		0		67
Total commercial banking	0		67		0		67
Total	$	91	$	70	$	104	$	265

We pledged loan collateral of $6.9 billion and $6.7 billion to secure a portion of our FHLB borrowing capacity of $34.9 billion and $35.1 billion as of March 31, 2025 and December 31, 2024, respectively. We also pledged loan collateral of $75.9 billion and $80.2 billion to secure our Federal Reserve Discount Window borrowing capacity of $44.4 billion and $46.7 billion as of March 31, 2025 and December 31, 2024, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 6—Variable Interest Entities and Securitizations” for additional information.