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Loans and Related Allowance for Credit Losses | 3 Months Ended
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Mar. 31, 2021
Asset Quality [Abstract] |
Loans and Related Allowance for Credit Losses | LOANS A ND R ELATED A LLOWANCE F OR C REDIT L OSSES Loan Portfolio Our loan portfolio consists of two portfolio segments – Commercial and Consumer. Each of these segments comprises multiple loan classes. Classes are characterized by similarities in risk attributes and the manner in which we monitor and assess credit risk.
Commercial |  | Consumer
• Commercial and industrial |  | • Home equity
• Commercial real estate |  | • Residential real estate
• Equipment lease financing |  | • Automobile
|  | • Credit card
|  | • Education
|  | • Other consumer
See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for additional information on our loan related policies. Credit Quality We closely monitor economic conditions and loan performance trends to manage and evaluate our exposure to credit risk within the loan portfolio based on our defined loan classes. In doing so, we use several credit quality indicators, including trends in delinquency rates, nonperforming status, analysis of PD and LGD ratings, updated credit scores, and originated and updated LTV ratios. The measurement of delinquency status is based on the contractual terms of each loan. Loans that are 30 days or more past due in terms of payment are considered delinquent. Loan delinquencies include government insured or guaranteed loans, loans accounted for under the fair value option and PCD loans. The following table presents the composition and delinquency status of our loan portfolio at March 31, 2021 and December 31, 2020. Pursuant to the interagency guidance issued in April 2020 and in connection with the credit reporting rules from the CARES Act, the delinquency status of loans modified due to COVID-19 related hardships aligns with the rules set forth for banks to report delinquency status to the credit agencies. These rules require that COVID-19 related loan modifications be reported as follows: •if current at the time of modification, the loan remains current throughout the modification period, •if delinquent at the time of modification and the borrower was not made current as part of the modification, the loan maintains its reported delinquent status during the modification period, or •if delinquent at the time of modification and the borrower was made current as part of the modification or became current during the modification period, the loan is reported as current. As a result, certain loans modified due to COVID-19 related hardships are not being reported as past due as of March 31, 2021 and December 31, 2020 based on the contractual terms of the loan, even where borrowers may not be making payments on their loans during the modification period. Loan modifications due to COVID-19 related hardships that permanently reduce either the contractual interest rate or the principal balance of a loan do not qualify for TDR relief under the CARES Act or the interagency guidance. Table 40: Analysis of Loan Portfolio (a) (b)
| Accruing |  |  |  |  |  |  |
Dollars in millions | Current or Less Than 30 Days Past Due | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days Or More Past Due | Total Past Due (c) |  | Nonperforming Loans | Fair Value Option Nonaccrual Loans (d) | Total Loans (e)(f) |  |  |
March 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 129,130 |  | $ | 80 |  | $ | 13 |  | $ | 63 |  | $ | 156 |  |  | $ | 512 |  |  | $ | 129,798 |  |  |  |
Commercial real estate | 28,085 |  | 12 |  | 1 |  |  | 13 |  |  | 221 |  |  | 28,319 |  |  |  |
Equipment lease financing | 6,351 |  | 21 |  | 1 |  |  | 22 |  |  | 16 |  |  | 6,389 |  |  |  |
Total commercial | 163,566 |  | 113 |  | 15 |  | 63 |  | 191 |  |  | 749 |  |  | 164,506 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 22,706 |  | 43 |  | 20 |  |  | 63 |  |  | 656 |  | $ | 68 |  | 23,493 |  |  |  |
Residential real estate | 20,862 |  | 162 |  | 73 |  | 275 |  | 510 |  | (c) | 541 |  | 505 |  | 22,418 |  |  |  |
Automobile | 13,305 |  | 76 |  | 19 |  | 6 |  | 101 |  |  | 178 |  |  | 13,584 |  |  |  |
Credit card | 5,561 |  | 31 |  | 24 |  | 52 |  | 107 |  |  | 7 |  |  | 5,675 |  |  |  |
Education | 2,692 |  | 49 |  | 25 |  | 76 |  | 150 |  | (c) |  |  | 2,842 |  |  |  |
Other consumer | 4,464 |  | 11 |  | 6 |  | 7 |  | 24 |  |  | 7 |  |  | 4,495 |  |  |  |
Total consumer | 69,590 |  | 372 |  | 167 |  | 416 |  | 955 |  |  | 1,389 |  | 573 |  | 72,507 |  |  |  |
Total | $ | 233,156 |  | $ | 485 |  | $ | 182 |  | $ | 479 |  | $ | 1,146 |  |  | $ | 2,138 |  | $ | 573 |  | $ | 237,013 |  |  |  |
Percentage of total loans | 98.38 | % | 0.20 | % | 0.08 | % | 0.20 | % | 0.48 | % |  | 0.90 | % | 0.24 | % | 100.00 | % |  |  |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |  |  |  |
Commercial and industrial | $ | 131,245 |  | $ | 106 |  | $ | 26 |  | $ | 30 |  | $ | 162 |  |  | $ | 666 |  |  | $ | 132,073 |  |  |  |
Commercial real estate | 28,485 |  | 6 |  | 1 |  |  | 7 |  |  | 224 |  |  | 28,716 |  |  |  |
Equipment lease financing | 6,345 |  | 31 |  | 5 |  |  | 36 |  |  | 33 |  |  | 6,414 |  |  |  |
Total commercial | 166,075 |  | 143 |  | 32 |  | 30 |  | 205 |  |  | 923 |  |  | 167,203 |  |  |  |
Consumer |  |  |  |  |  |  |  |  |  |  |  |
Home equity | 23,318 |  | 50 |  | 21 |  |  | 71 |  |  | 645 |  | $ | 54 |  | 24,088 |  |  |  |
Residential real estate | 20,945 |  | 181 |  | 78 |  | 319 |  | 578 |  | (c) | 528 |  | 509 |  | 22,560 |  |  |  |
Automobile | 13,863 |  | 134 |  | 34 |  | 12 |  | 180 |  |  | 175 |  |  | 14,218 |  |  |  |
Credit card | 6,074 |  | 43 |  | 30 |  | 60 |  | 133 |  |  | 8 |  |  | 6,215 |  |  |  |
Education | 2,785 |  | 55 |  | 29 |  | 77 |  | 161 |  | (c) |  |  | 2,946 |  |  |  |
Other consumer | 4,656 |  | 14 |  | 10 |  | 11 |  | 35 |  |  | 7 |  |  | 4,698 |  |  |  |
Total consumer | 71,641 |  | 477 |  | 202 |  | 479 |  | 1,158 |  |  | 1,363 |  | 563 |  | 74,725 |  |  |  |
Total | $ | 237,716 |  | $ | 620 |  | $ | 234 |  | $ | 509 |  | $ | 1,363 |  |  | $ | 2,286 |  | $ | 563 |  | $ | 241,928 |  |  |  |
Percentage of total loans | 98.27 | % | 0.26 | % | 0.10 | % | 0.21 | % | 0.56 | % |  | 0.94 | % | 0.23 | % | 100.00 | % |  |  |
(a)Amounts in table represent loans held for investment and do not include any associated valuation allowance. (b)The accrued interest associated with our loan portfolio totaled $0.7 billion at both March 31, 2021 and December 31, 2020 and is included in Other assets on the Consolidated Balance Sheet. (c)Past due loan amounts include government insured or guaranteed Residential real estate loans and Education loans totaling $0.4 billion and $0.1 billion at March 31, 2021. Comparable amounts at December 31, 2020 were $0.4 billion and $0.2 billion. (d)Consumer loans accounted for under the fair value option for which we do not expect to collect substantially all principal and interest are subject to nonaccrual accounting and classification upon meeting any of our nonaccrual policies. Given that these loans are not accounted for at amortized cost, these loans have been excluded from the nonperforming loan population. (e)Net of unearned income, unamortized deferred fees and costs on originated loans, and premiums or discounts on purchased loans totaling $1.4 billion and $1.3 billion at March 31, 2021 and December 31, 2020, respectively. (f)Collateral dependent loans totaled $1.4 billion and $1.5 billion at March 31, 2021 and December 31, 2020, respectively. The majority of these loans are within the Home equity and Residential real estate loan classes and are secured by consumer real estate. At March 31, 2021, we pledged $28.6 billion of commercial loans to the Federal Reserve Bank and $66.9 billion of residential real estate and other loans to the FHLB as collateral for the ability to borrow, if necessary. The comparable amounts at December 31, 2020 were $30.1 billion and $69.0 billion, respectively. Amounts pledged reflect the unpaid principal balances. Nonperforming Assets Nonperforming assets include nonperforming loans and leases, OREO and foreclosed assets. Nonperforming loans are those loans accounted for at amortized cost whose credit quality has deteriorated to the extent that full collection of contractual principal and interest is not probable. Interest income is not recognized on these loans. Loans accounted for under the fair value option are reported as performing loans, however, when nonaccrual criteria is met interest income is not recognized on these loans. Additionally, certain government insured or guaranteed loans for which we expect to collect substantially all principal and interest are not reported as nonperforming loans and continue to accrue interest. Amounts include nonperforming PCD loans. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for additional information on our nonperforming loan and lease policies. The following table presents our nonperforming assets as of March 31, 2021 and December 31, 2020 , respectively: Table 41: Nonperforming Assets
Dollars in millions |  | March 31 2021 |  | December 31 2020 |
Nonperforming loans |  |  |  |  |
Commercial |  | $ | 749 |  |  | $ | 923 |  |
Consumer (a) |  | 1,389 |  |  | 1,363 |  |
Total nonperforming loans (b) |  | 2,138 |  |  | 2,286 |  |
OREO and foreclosed assets |  | 41 |  |  | 51 |  |
Total nonperforming assets |  | $ | 2,179 |  |  | $ | 2,337 |  |
Nonperforming loans to total loans |  | 0.90 | % |  | 0.94 | % |
Nonperforming assets to total loans, OREO and foreclosed assets |  | 0.92 | % |  | 0.97 | % |
Nonperforming assets to total assets |  | 0.46 | % |  | 0.50 | % |
(a)Excludes most unsecured consumer loans and lines of credit, which are charged off after 120 to 180 days past due and are not placed on nonperforming status. (b)Nonperforming loans for which there is no related ALLL totaled $0.7 billion at March 31, 2021, and is primarily comprised of loans with a fair value of collateral that exceeds the amortized cost basis. The comparable amount at December 31, 2020 was $0.8 billion. Nonperforming loans also include certain loans whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties. In accordance with applicable accounting guidance, these loans are considered TDRs. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K and the Troubled Debt Restructurings section of this Note 4 for additional information on TDRs. Total nonperforming loans in Table 41 include TDRs of $0.9 billion at both March 31, 2021 and December 31, 2020. TDRs that are performing, including consumer credit card TDR loans, totaled $0.7 billion at both March 31, 2021 and December 31, 2020 and are excluded from nonperforming loans. Additional Credit Quality Indicators by Loan Class Commercial Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. The following table presents credit quality indicators for the Commercial loan classes: Table 42: Commercial Credit Quality Indicators (a)
| Term Loans by Origination Year |  |  |
March 31, 2021 - In millions | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass Rated | $ | 13,796 |  | $ | 19,870 |  | $ | 12,404 |  | $ | 7,540 |  | $ | 5,559 |  | $ | 10,715 |  | $ | 53,161 |  | $ | 51 |  | $ | 123,096 |
Criticized | 158 |  | 429 |  | 725 |  | 603 |  | 317 |  | 594 |  | 3,856 |  | 20 |  | 6,702 |
Total commercial and industrial | 13,954 |  | 20,299 |  | 13,129 |  | 8,143 |  | 5,876 |  | 11,309 |  | 57,017 |  | 71 |  | 129,798 |
Commercial real estate |  |  |  |  |  |  |  |  |
Pass Rated | 1,041 |  | 3,261 |  | 6,034 |  | 3,195 |  | 2,675 |  | 8,673 |  | 239 |  |  | 25,118 |
Criticized | 132 |  | 137 |  | 663 |  | 166 |  | 487 |  | 1,597 |  | 19 |  |  | 3,201 |
Total commercial real estate | 1,173 |  | 3,398 |  | 6,697 |  | 3,361 |  | 3,162 |  | 10,270 |  | 258 |  |  | 28,319 |
Equipment lease financing |  |  |  |  |  |  |  |  |
Pass Rated | 339 |  | 1,360 |  | 1,142 |  | 868 |  | 678 |  | 1,711 |  |  |  | 6,098 |
Criticized | 11 |  | 71 |  | 73 |  | 79 |  | 34 |  | 23 |  |  |  | 291 |
Total equipment lease financing | 350 |  | 1,431 |  | 1,215 |  | 947 |  | 712 |  | 1,734 |  |  |  | 6,389 |
Total commercial | $ | 15,477 |  | $ | 25,128 |  | $ | 21,041 |  | $ | 12,451 |  | $ | 9,750 |  | $ | 23,313 |  | $ | 57,275 |  | $ | 71 |  | $ | 164,506 |
| Term Loans by Origination Year |  |  |
December 31, 2020 - In millions | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Commercial and industrial |  |  |  |  |  |  |  |  |
Pass Rated | $ | 31,680 |  | $ | 13,340 |  | $ | 8,209 |  | $ | 5,956 |  | $ | 4,242 |  | $ | 7,141 |  | $ | 54,775 |  | $ | 53 |  | $ | 125,396 |
Criticized | 339 | 702 |  | 578 |  | 334 |  | 224 |  | 351 |  | 4,130 |  | 19 |  | 6,677 |
Total commercial and industrial | 32,019 |  | 14,042 |  | 8,787 |  | 6,290 |  | 4,466 |  | 7,492 |  | 58,905 |  | 72 |  | 132,073 |
Commercial real estate |  |  |  |  |  |  |  |  |
Pass Rated | 3,709 |  | 6,268 |  | 3,426 |  | 2,841 |  | 2,341 |  | 6,792 |  | 218 |  |  | 25,595 |
Criticized | 319 |  | 548 |  | 148 |  | 423 |  | 400 |  | 1,159 |  | 124 |  |  | 3,121 |
Total commercial real estate | 4,028 |  | 6,816 |  | 3,574 |  | 3,264 |  | 2,741 |  | 7,951 |  | 342 |  |  | 28,716 |
Equipment lease financing |  |  |  |  |  |  |  |  |
Pass Rated | 1,429 |  | 1,202 |  | 942 |  | 738 |  | 405 |  | 1,350 |  |  |  | 6,066 |
Criticized | 78 |  | 92 |  | 86 |  | 39 |  | 22 |  | 31 |  |  |  | 348 |
Total equipment lease financing | 1,507 |  | 1,294 |  | 1,028 |  | 777 |  | 427 |  | 1,381 |  |  |  | 6,414 |
Total commercial | $ | 37,554 |  | $ | 22,152 |  | $ | 13,389 |  | $ | 10,331 |  | $ | 7,634 |  | $ | 16,824 |  | $ | 59,247 |  | $ | 72 |  | $ | 167,203 |
(a)Loans in our commercial portfolio are classified as Pass Rated or Criticized based on the regulatory definitions, which are driven by the PD and LGD ratings that we assign. The Criticized classification includes loans that were rated special mention, substandard or doubtful as of March 31, 2021 and December 31, 2020. Consumer Loan Classes See Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional information related to these loan classes, including discussion around the credit quality indicators that we use to monitor and manage the credit risk associated with each loan class. Home Equity and Residential Real Estate The following table presents credit quality indicators for the home equity and residential real estate loan classes: Table 43: Home Equity and Residential Real Estate Credit Quality Indicators
| Term Loans by Origination Year |  |  |
March 31, 2021 - In millions | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Home equity |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  | .
Greater than 100% |  | $ | 8 |  | $ | 41 |  | $ | 13 |  | $ | 10 |  | $ | 73 |  | $ | 471 |  | $ | 254 |  | $ | 870 |
Greater than or equal to 80% to 100% | $ | 35 |  | 253 |  | 200 |  | 39 |  | 27 |  | 139 |  | 1,384 |  | 615 |  | 2,692 |
Less than 80% | 196 |  | 3,019 |  | 1,560 |  | 482 |  | 712 |  | 4,081 |  | 6,418 |  | 3,463 |  | 19,931 |
Total home equity | $ | 231 |  | $ | 3,280 |  | $ | 1,801 |  | $ | 534 |  | $ | 749 |  | $ | 4,293 |  | $ | 8,273 |  | $ | 4,332 |  | $ | 23,493 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 127 |  | $ | 1,925 |  | $ | 960 |  | $ | 273 |  | $ | 467 |  | $ | 2,640 |  | $ | 5,148 |  | $ | 1,844 |  | $ | 13,384 |
720 to 779 | 84 |  | 947 |  | 505 |  | 138 |  | 164 |  | 865 |  | 1,950 |  | 1,084 |  | 5,737 |
660 to 719 | 19 |  | 346 |  | 264 |  | 83 |  | 80 |  | 428 |  | 905 |  | 678 |  | 2,803 |
Less than 660 | 1 |  | 61 |  | 71 |  | 39 |  | 37 |  | 350 |  | 255 |  | 628 |  | 1,442 |
No FICO score available |  | 1 |  | 1 |  | 1 |  | 1 |  | 10 |  | 15 |  | 98 |  | 127 |
Total home equity | $ | 231 |  | $ | 3,280 |  | $ | 1,801 |  | $ | 534 |  | $ | 749 |  | $ | 4,293 |  | $ | 8,273 |  | $ | 4,332 |  | $ | 23,493 |
Residential real estate |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% |  | $ | 4 |  | $ | 56 |  | $ | 23 |  | $ | 28 |  | $ | 150 |  |  |  | $ | 261 |
Greater than or equal to 80% to 100% | $ | 346 |  | 142 |  | 274 |  | 70 |  | 113 |  | 328 |  |  |  | 1,273 |
Less than 80% | 2,175 |  | 7,157 |  | 2,995 |  | 856 |  | 1,485 |  | 5,286 |  |  |  | 19,954 |
Government insured or guaranteed loans |  | 8 |  | 29 |  | 25 |  | 39 |  | 829 |  |  |  | 930 |
Total residential real estate | $ | 2,521 |  | $ | 7,311 |  | $ | 3,354 |  | $ | 974 |  | $ | 1,665 |  | $ | 6,593 |  |  |  | $ | 22,418 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 1,409 |  | $ | 5,220 |  | $ | 2,411 |  | $ | 661 |  | $ | 1,206 |  | $ | 3,564 |  |  |  | $ | 14,471 |
720 to 779 | 1,061 |  | 1,767 |  | 708 |  | 182 |  | 308 |  | 1,056 |  |  |  | 5,082 |
660 to 719 | 51 |  | 267 |  | 166 |  | 81 |  | 85 |  | 518 |  |  |  | 1,168 |
Less than 660 |  | 43 |  | 38 |  | 23 |  | 24 |  | 501 |  |  |  | 629 |
No FICO score available |  | 6 |  | 2 |  | 2 |  | 3 |  | 125 |  |  |  | 138 |
Government insured or guaranteed loans |  | 8 |  | 29 |  | 25 |  | 39 |  | 829 |  |  |  | 930 |
Total residential real estate | $ | 2,521 |  | $ | 7,311 |  | $ | 3,354 |  | $ | 974 |  | $ | 1,665 |  | $ | 6,593 |  |  |  | $ | 22,418 |
| Term Loans by Origination Year |  |  |
December 31, 2020 - In millions | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Home equity |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  | .
Greater than 100% | $ | 8 |  | $ | 44 |  | $ | 18 |  | $ | 15 |  | $ | 9 |  | $ | 88 |  | $ | 580 |  | $ | 279 |  | $ | 1,041 |
Greater than or equal to 80% to 100% | 517 |  | 320 |  | 59 |  | 42 |  | 25 |  | 158 |  | 1,781 |  | 591 |  | 3,493 |
Less than 80% | 2,909 |  | 1,636 |  | 513 |  | 773 |  | 660 |  | 3,754 |  | 6,433 |  | 2,876 |  | 19,554 |
Total home equity | $ | 3,434 |  | $ | 2,000 |  | $ | 590 |  | $ | 830 |  | $ | 694 |  | $ | 4,000 |  | $ | 8,794 |  | $ | 3,746 |  | $ | 24,088 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 2,019 |  | $ | 1,094 |  | $ | 311 |  | $ | 525 |  | $ | 449 |  | $ | 2,467 |  | $ | 5,382 |  | $ | 1,480 |  | $ | 13,727 |
720 to 779 | 1,028 |  | 558 |  | 153 |  | 181 |  | 145 |  | 777 |  | 2,137 |  | 941 |  | 5,920 |
660 to 719 | 334 |  | 273 |  | 86 |  | 84 |  | 66 |  | 402 |  | 985 |  | 625 |  | 2,855 |
Less than 660 | 52 |  | 74 |  | 39 |  | 39 |  | 33 |  | 345 |  | 277 |  | 620 |  | 1,479 |
No FICO score available | 1 |  | 1 |  | 1 |  | 1 |  | 1 |  | 9 |  | 13 |  | 80 |  | 107 |
Total home equity | $ | 3,434 |  | $ | 2,000 |  | $ | 590 |  | $ | 830 |  | $ | 694 |  | $ | 4,000 |  | $ | 8,794 |  | $ | 3,746 |  | $ | 24,088 |
Residential real estate |  |  |  |  |  |  |  |  |
Current estimated LTV ratios |  |  |  |  |  |  |  |  |
Greater than 100% | $ | 3 |  | $ | 52 |  | $ | 26 |  | $ | 42 |  | $ | 41 |  | $ | 160 |  |  |  | $ | 324 |
Greater than or equal to 80% to 100% | 495 |  | 422 |  | 127 |  | 156 |  | 124 |  | 307 |  |  |  | 1,631 |
Less than 80% | 7,491 |  | 3,656 |  | 992 |  | 1,706 |  | 1,847 |  | 3,991 |  |  |  | 19,683 |
Government insured or guaranteed loans | 7 |  | 28 |  | 27 |  | 38 |  | 57 |  | 765 |  |  |  | 922 |
Total residential real estate | $ | 7,996 |  | $ | 4,158 |  | $ | 1,172 |  | $ | 1,942 |  | $ | 2,069 |  | $ | 5,223 |  |  |  | $ | 22,560 |
Updated FICO scores |  |  |  |  |  |  |  |  |
Greater than or equal to 780 | $ | 5,425 |  | $ | 3,099 |  | $ | 814 |  | $ | 1,432 |  | $ | 1,538 |  | $ | 2,551 |  |  |  | $ | 14,859 |
720 to 779 | 2,268 |  | 820 |  | 220 |  | 340 |  | 335 |  | 818 |  |  |  | 4,801 |
660 to 719 | 252 |  | 161 |  | 76 |  | 98 |  | 92 |  | 475 |  |  |  | 1,154 |
Less than 660 | 40 |  | 48 |  | 33 |  | 31 |  | 41 |  | 485 |  |  |  | 678 |
No FICO score available | 4 |  | 2 |  | 2 |  | 3 |  | 6 |  | 129 |  |  |  | 146 |
Government insured or guaranteed loans | 7 |  | 28 |  | 27 |  | 38 |  | 57 |  | 765 |  |  |  | 922 |
Total residential real estate | $ | 7,996 |  | $ | 4,158 |  | $ | 1,172 |  | $ | 1,942 |  | $ | 2,069 |  | $ | 5,223 |  |  |  | $ | 22,560 |
Automobile, Credit Card, Education and Other Consumer The following table presents credit quality indicators for the automobile, credit card, education and other consumer loan classes: Table 44: Credit Quality Indicators for Automobile, Credit Card, Education and Other Consumer Loan Classes
| Term Loans by Origination Year |  |  |
March 31, 2021 - In millions | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Updated FICO Scores |  |  |  |  |  |  |  |  |
Automobile |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 775 |  | $ | 1,545 |  | $ | 1,701 |  | $ | 688 |  | $ | 362 |  | $ | 216 |  |  |  | $ | 5,287 |
720 to 779 | 242 |  | 1,067 |  | 1,380 |  | 678 |  | 320 |  | 157 |  |  |  | 3,844 |
660 to 719 | 63 |  | 591 |  | 1,076 |  | 590 |  | 240 |  | 106 |  |  |  | 2,666 |
Less than 660 | 4 |  | 228 |  | 723 |  | 535 |  | 208 |  | 89 |  |  |  | 1,787 |
Total automobile | $ | 1,084 |  | $ | 3,431 |  | $ | 4,880 |  | $ | 2,491 |  | $ | 1,130 |  | $ | 568 |  |  |  | $ | 13,584 |
Credit card |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 |  |  |  |  |  |  | $ | 1,513 |  | $ | 3 |  | $ | 1,516 |
720 to 779 |  |  |  |  |  |  | 1,541 |  | 11 |  | 1,552 |
660 to 719 |  |  |  |  |  |  | 1,621 |  | 25 |  | 1,646 |
Less than 660 |  |  |  |  |  |  | 817 |  | 46 |  | 863 |
No FICO score available or required (a) |  |  |  |  |  |  | 94 |  | 4 |  | 98 |
Total credit card |  |  |  |  |  |  | $ | 5,586 |  | $ | 89 |  | $ | 5,675 |
Education |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 1 |  | $ | 64 |  | $ | 86 |  | $ | 70 |  | $ | 55 |  | $ | 450 |  |  |  | $ | 726 |
720 to 779 | 4 |  | 34 |  | 44 |  | 37 |  | 27 |  | 202 |  |  |  | 348 |
660 to 719 | 4 |  | 10 |  | 14 |  | 14 |  | 8 |  | 90 |  |  |  | 140 |
Less than 660 | 1 |  | 1 |  | 3 |  | 2 |  | 2 |  | 35 |  |  |  | 44 |
No FICO score available or required (a) | 3 |  | 12 |  | 9 |  | 5 |  | 3 |  | 1 |  |  |  | 33 |
Education loans using FICO credit metric | 13 |  | 121 |  | 156 |  | 128 |  | 95 |  | 778 |  |  |  | 1,291 |
Other internal credit metrics |  |  |  |  |  | 1,551 |  |  |  | 1,551 |
Total education | $ | 13 |  | $ | 121 |  | $ | 156 |  | $ | 128 |  | $ | 95 |  | $ | 2,329 |  |  |  | $ | 2,842 |
Other consumer |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 31 |  | $ | 135 |  | $ | 150 |  | $ | 49 |  | $ | 15 |  | $ | 40 |  | $ | 73 |  | $ | 1 |  | $ | 494 |
720 to 779 | 33 |  | 169 |  | 206 |  | 65 |  | 16 |  | 23 |  | 109 |  |  | 621 |
660 to 719 | 27 |  | 111 |  | 185 |  | 68 |  | 13 |  | 14 |  | 107 |  |  | 525 |
Less than 660 | 1 |  | 34 |  | 81 |  | 34 |  | 7 |  | 7 |  | 47 |  | 1 |  | 212 |
Other consumer loans using FICO credit metric | 92 |  | 449 |  | 622 |  | 216 |  | 51 |  | 84 |  | 336 |  | 2 |  | 1,852 |
Other internal credit metrics | 32 |  | 29 |  | 28 |  | 29 |  | 26 |  | 126 |  | 2,365 |  | 8 |  | 2,643 |
Total other consumer | $ | 124 |  | $ | 478 |  | $ | 650 |  | $ | 245 |  | $ | 77 |  | $ | 210 |  | $ | 2,701 |  | $ | 10 |  | $ | 4,495 |
| Term Loans by Origination Year |  |  |
December 31, 2020 - In millions | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Revolving Loans Converted to Term | Total Loans
Updated FICO Scores |  |  |  |  |  |  |  |  |
Automobile |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 1,807 |  | $ | 1,915 |  | $ | 807 |  | $ | 452 |  | $ | 246 |  | $ | 58 |  |  |  | $ | 5,285 |
720 to 779 | 1,098 |  | 1,581 |  | 789 |  | 381 |  | 167 |  | 44 |  |  |  | 4,060 |
660 to 719 | 617 |  | 1,222 |  | 684 |  | 288 |  | 109 |  | 31 |  |  |  | 2,951 |
Less than 660 | 192 |  | 776 |  | 598 |  | 240 |  | 87 |  | 29 |  |  |  | 1,922 |
Total automobile | $ | 3,714 |  | $ | 5,494 |  | $ | 2,878 |  | $ | 1,361 |  | $ | 609 |  | $ | 162 |  |  |  | $ | 14,218 |
Credit card |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 |  |  |  |  |  |  | $ | 1,635 |  | $ | 3 |  | $ | 1,638 |
720 to 779 |  |  |  |  |  |  | 1,724 |  | 11 |  | 1,735 |
660 to 719 |  |  |  |  |  |  | 1,765 |  | 26 |  | 1,791 |
Less than 660 |  |  |  |  |  |  | 902 |  | 51 |  | 953 |
No FICO score available or required (a) |  |  |  |  |  |  | 94 |  | 4 |  | 98 |
Total credit card |  |  |  |  |  |  | $ | 6,120 |  | $ | 95 |  | $ | 6,215 |
Education |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 34 |  | $ | 90 |  | $ | 74 |  | $ | 59 |  | $ | 50 |  | $ | 428 |  |  |  | $ | 735 |
720 to 779 | 24 |  | 46 |  | 38 |  | 28 |  | 20 |  | 190 |  |  |  | 346 |
660 to 719 | 15 |  | 15 |  | 14 |  | 9 |  | 6 |  | 90 |  |  |  | 149 |
Less than 660 | 3 |  | 2 |  | 3 |  | 2 |  | 2 |  | 37 |  |  |  | 49 |
No FICO score available or required (a) | 16 |  | 10 |  | 6 |  | 3 |  |  | 1 |  |  |  | 36 |
Education loans using FICO credit metric | 92 |  | 163 |  | 135 |  | 101 |  | 78 |  | 746 |  |  |  | 1,315 |
Other internal credit metrics |  |  |  |  |  | 1,631 |  |  |  | 1,631 |
Total education | $ | 92 |  | $ | 163 |  | $ | 135 |  | $ | 101 |  | $ | 78 |  | $ | 2,377 |  |  |  | $ | 2,946 |
Other consumer |  |  |  |  |  |  |  |  |
FICO score greater than or equal to 780 | $ | 162 |  | $ | 187 |  | $ | 63 |  | $ | 21 |  | $ | 5 |  | $ | 42 |  | $ | 86 |  | $ | 1 |  | $ | 567 |
720 to 779 | 197 |  | 247 |  | 82 |  | 22 |  | 5 |  | 22 |  | 123 |  |  | 698 |
660 to 719 | 127 |  | 210 |  | 81 |  | 17 |  | 3 |  | 14 |  | 117 |  | 1 |  | 570 |
Less than 660 | 28 |  | 86 |  | 41 |  | 9 |  | 2 |  | 8 |  | 53 |  | 1 |  | 228 |
Other consumer loans using FICO credit metric | 514 |  | 730 |  | 267 |  | 69 |  | 15 |  | 86 |  | 379 |  | 3 |  | 2,063 |
Other internal credit metrics | 67 |  | 33 |  | 37 |  | 26 |  | 60 |  | 75 |  | 2,334 |  | 3 |  | 2,635 |
Total other consumer | $ | 581 |  | $ | 763 |  | $ | 304 |  | $ | 95 |  | $ | 75 |  | $ | 161 |  | $ | 2,713 |  | $ | 6 |  | $ | 4,698 |
(a)Loans with no FICO score available or required generally refers to new accounts issued to borrowers with limited credit history, accounts for which we cannot obtain an updated FICO score (e.g., recent profile changes), cards issued with a business name and/or cards secured by collateral. Management proactively assesses the risk and size of this loan category and, when necessary, takes actions to mitigate the credit risk. Troubled Debt Restructurings Table 45 quantifies the number of loans that were classified as TDRs as well as the change in the loans’ balance as a result of becoming a TDR during the three months ended March 31, 2021 and March 31, 2020. Additionally, the table provides information about the types of TDR concessions. See Note 1 Accounting Policies and Note 4 Loans and Related Allowance for Credit Losses included in Item 8 of our 2020 Form 10-K for additional discussion of TDRs. Table 45: Financial Impact and TDRs by Concession Type (a)
|  |  | Pre-TDR Amortized Cost Basis (b) |  | Post-TDR Amortized Cost Basis (c) |
During the three months ended March 31, 2021 Dollars in millions | Number of Loans |  | Principal Forgiveness |  | Rate Reduction |  | Other |  | Total |
Commercial |  | 19 |  |  | $ | 93 |  |  |  |  |  |  | $ | 94 |  |  | $ | 94 |  |
Consumer |  | 2,096 |  |  | 32 |  |  |  |  | $ | 16 |  |  | 12 |  |  | 28 |  |
Total TDRs |  | 2,115 |  |  | $ | 125 |  |  |  |  | $ | 16 |  |  | $ | 106 |  |  | $ | 122 |  |
During the three months ended March 31, 2020 Dollars in millions |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | 13 |  |  | $ | 62 |  |  | $ | 6 |  |  |  |  | $ | 37 |  |  | $ | 43 |  |
Consumer |  | 3,567 |  |  | 36 |  |  |  |  | $ | 22 |  |  | 10 |  |  | 32 |  |
Total TDRs |  | 3,580 |  |  | $ | 98 |  |  | $ | 6 |  |  | $ | 22 |  |  | $ | 47 |  |  | $ | 75 |  |
(a) Impact of partial charge-offs at TDR date is included in this table. (b) Represents the amortized cost basis of the loans as of the quarter end prior to TDR designation. (c) Represents the amortized cost basis of the TDRs as of the end of the quarter in which the TDR occurs. After a loan is determined to be a TDR, we continue to track its performance under its most recent restructured terms. We consider a TDR to have subsequently defaulted when it becomes 60 days past due after the most recent date the loan was restructured. Loans that were both (i) classified as TDRs within the last twelve months from the balance sheet date, and (ii) subsequently defaulted during the the three months ended March 31, 2021 and March 31, 2020 totaled $15 million and $29 million, respectively. Allowance for Credit Losses We maintain the ACL related to loans at levels that we believe to be appropriate to absorb expected credit losses in the portfolios as of the balance sheet date. See Note 1 Accounting Policies included in Item 8 of our 2020 Form 10-K for a discussion of the methodologies used to determine this allowance. A rollforward of the ACL related to loans follows: Table 46: Rollforward of Allowance for Credit Losses (a)
| Three months ended March 31, 2021 |  |  | Three Months Ended March 31, 2020
In millions | Commercial | Consumer | Total |  |  | Commercial | Consumer | Total
Allowance for loan and lease losses |  |  |  |  |  |  |  |
Beginning balance | $ | 3,337 |  | $ | 2,024 |  | $ | 5,361 |  |  |  | $ | 1,812 |  | $ | 930 |  | $ | 2,742 |
Adoption of ASU 2016-13 (b) |  |  |  |  |  | (304) |  | 767 |  | 463 |
Beginning balance, adjusted | 3,337 |  | 2,024 |  | 5,361 |  |  |  | 1,508 |  | 1,697 |  | 3,205 |
Charge-offs | (69) |  | (174) |  | (243) |  |  |  | (83) |  | (221) |  | (304) |
Recoveries | 18 |  | 79 |  | 97 |  |  |  | 24 |  | 68 |  | 92 |
Net (charge-offs) | (51) |  | (95) |  | (146) |  |  |  | (59) |  | (153) |  | (212) |
Provision for (recapture of) credit losses | (204) |  | (298) |  | (502) |  |  |  | 531 |  | 421 |  | 952 |
Other | 1 |  |  | 1 |  |  |  | (1) |  |  | (1) |
Ending balance | $ | 3,083 |  | $ | 1,631 |  | $ | 4,714 |  |  |  | $ | 1,979 |  | $ | 1,965 |  | $ | 3,944 |
Allowance for unfunded lending related commitments (c) |  |  |  |  |  |  |  |
Beginning balance | $ | 485 |  | $ | 99 |  | $ | 584 |  |  |  | $ | 316 |  | $ | 2 |  | $ | 318 |
Adoption of ASU 2016-13 (b) |  |  |  |  |  | 53 |  | 126 |  | 179 |
Beginning balance, adjusted | 485 |  | 99 |  | 584 |  |  |  | 369 |  | 128 |  | 497 |
Provision for (recapture of) credit losses | (82) |  | 5 |  | (77) |  |  |  | (25) |  | (22) |  | (47) |
Ending balance | $ | 403 |  | $ | 104 |  | $ | 507 |  |  |  | $ | 344 |  | $ | 106 |  | $ | 450 |
Allowance for credit losses at March 31 | $ | 3,486 |  | $ | 1,735 |  | $ | 5,221 |  |  |  | $ | 2,323 |  | $ | 2,071 |  | $ | 4,394 |
Allowance for credit losses at December 31 | $ | 3,822 |  | $ | 2,123 |  | $ | 5,945 |  |  |  | $ | 2,128 |  | $ | 932 |  | $ | 3,060 |
(a) Excludes allowances for investment securities and other financial assets, which together totaled $136 million and $21 million at March 31, 2021 and March 31, 2020, respectively. (b) Represents the impact of adopting ASU 2016-13, Financial Instruments - Credit Losses on January 1, 2020 and our transition from an incurred loss methodology for our reserves to an expected credit loss methodology. (c) See Note 8 Commitments for additional information about the underlying commitments related to this allowance. The ACL at March 31, 2021 totaled $5.2 billion, a $0.7 billion decrease compared to December 31, 2020. This decrease in reserves was primarily attributable to the improved economic outlook and portfolio changes, partially offset by increases in qualitative factor reserves due to portfolio sensitivity from specific customers and segments still impacted by the pandemic. The following summarizes the changes in these factors that influenced the current ACL: •The economic scenarios used for the period ended March 31, 2021 were designed to reflect an improved near-term economic outlook in comparison to the scenarios used for the period ended December 31, 2020. This improvement was the result of declining COVID-19 cases, more rapid vaccine distribution, the passage of the American Rescue Plan stimulus package and economic momentum fueled by increased consumer spending. •Portfolio changes primarily reflecting decreases in both commercial and consumer loan balances drove reserve declines at March 31, 2021. Declines were attributable to lower utilization of loan commitments and softer loan production in the commercial portfolio and paydowns outpacing new originations in the consumer portfolio. •Increases in qualitative factor reserves at March 31, 2021 were attributable to the considerable uncertainty that remains regarding overall lifetime loss content for both our commercial and consumer portfolios, specifically as it relates to our customers that are less likely to benefit from the economic recovery currently underway. For commercial borrowers, there are concerns around industries that are dependent on in-person gatherings, hospitality and tourism. For consumer borrowers, payment behavior once the government stimulus wanes is also difficult to predict. The ACL at March 31, 2020 totaled $4.4 billion, a $1.3 billion increase in reserves compared to December 31, 2019. This increase reflected the day-one CECL transition adjustment along with the significantly adverse economic impacts of the pandemic and its resulting effects on credit quality and loan growth in the first quarter of 2020.

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