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ALLOWANCE FOR CREDIT LOSSES, NONPERFORMING ASSETS, AND CONCENTRATIONS OF CREDIT RISK (Tables) | 9 Months Ended
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Sep. 30, 2018
Receivables [Abstract] |
Schedule of changes in the allowance for credit losses | A summary of changes in the ACL is presented below:
| Three Months Ended September 30, 2018 |  | Nine Months Ended September 30, 2018
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $715 |  |  | $538 |  |  | $1,253 |  |  |  | $685 |  |  | $551 |  |  | $1,236 |
Charge-offs | (18 | ) | (109 | ) | (127 | ) |  | (35 | ) | (328 | ) | (363 | )
Recoveries | 2 |  | 39 |  | 41 |  |  | 10 |  | 121 |  | 131 |
Net charge-offs | (16 | ) | (70 | ) | (86 | ) |  | (25 | ) | (207 | ) | (232 | )
Provision charged to income | 8 |  | 67 |  | 75 |  |  | 47 |  | 191 |  | 238 |
Allowance for loan and lease losses, end of period | 707 |  | 535 |  | 1,242 |  |  | 707 |  | 535 |  | 1,242 |
Reserve for unfunded lending commitments, beginning of period | 88 |  | — |  | 88 |  |  | 88 |  | — |  | 88 |
Provision for unfunded lending commitments | 3 |  | — |  | 3 |  |  | 3 |  | — |  | 3 |
Reserve for unfunded lending commitments, end of period | 91 |  | — |  | 91 |  |  | 91 |  | — |  | 91 |
Total allowance for credit losses, end of period |  | $798 |  |  | $535 |  |  | $1,333 |  |  |  | $798 |  |  | $535 |  |  | $1,333 |
| Three Months Ended September 30, 2017 |  | Nine Months Ended September 30, 2017
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $614 |  |  | $605 |  |  | $1,219 |  |  |  | $663 |  |  | $573 |  |  | $1,236 |
Charge-offs | (12 | ) | (108 | ) | (120 | ) |  | (60 | ) | (321 | ) | (381 | )
Recoveries | 12 |  | 43 |  | 55 |  |  | 27 |  | 127 |  | 154 |
Net charge-offs | — |  | (65 | ) | (65 | ) |  | (33 | ) | (194 | ) | (227 | )
Provision charged to income | 24 |  | 46 |  | 70 |  |  | 8 |  | 207 |  | 215 |
Allowance for loan and lease losses, end of period | 638 |  | 586 |  | 1,224 |  |  | 638 |  | 586 |  | 1,224 |
Reserve for unfunded lending commitments, beginning of period | 93 |  | — |  | 93 |  |  | 72 |  | — |  | 72 |
Provision for unfunded lending commitments | 2 |  | — |  | 2 |  |  | 23 |  | — |  | 23 |
Reserve for unfunded lending commitments, end of period | 95 |  | — |  | 95 |  |  | 95 |  | — |  | 95 |
Total allowance for credit losses, end of period |  | $733 |  |  | $586 |  |  | $1,319 |  |  |  | $733 |  |  | $586 |  |  | $1,319 |
Schedule of loans and leases based on evaluation method | The recorded investment in loans and leases based on the Company’s evaluation methodology is presented below:
| September 30, 2018 |  | December 31, 2017
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Individually evaluated |  | $430 |  |  | $735 |  |  | $1,165 |  |  |  | $370 |  |  | $761 |  |  | $1,131 |
Formula-based evaluation | 54,975 |  | 58,580 |  | 113,555 |  |  | 51,661 |  | 57,825 |  | 109,486 |
Total loans and leases |  | $55,405 |  |  | $59,315 |  |  | $114,720 |  |  |  | $52,031 |  |  | $58,586 |  |  | $110,617 |
Schedule of allowance for credit losses by evaluation method | A summary of the ACL by evaluation method is presented below:
| September 30, 2018 |  | December 31, 2017
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Individually evaluated |  | $59 |  |  | $27 |  |  | $86 |  |  |  | $47 |  |  | $34 |  |  | $81 |
Formula-based evaluation | 739 |  | 508 |  | 1,247 |  |  | 726 |  | 517 |  | 1,243 |
Allowance for credit losses |  | $798 |  |  | $535 |  |  | $1,333 |  |  |  | $773 |  |  | $551 |  |  | $1,324 |
Schedule of classes of commercial loans and leases based on regulatory classifications | The recorded investment in commercial loans and leases based on regulatory classification ratings is presented below:
| September 30, 2018
|  | Criticized |
(in millions) | Pass |  | Special Mention | Substandard |  | Doubtful |  | Total |
Commercial |  | $37,242 |  |  | $1,441 |  |  | $854 |  |  | $233 |  |  | $39,770 |
Commercial real estate | 12,193 |  | 282 |  | 127 |  | 28 |  | 12,630 |
Leases | 2,909 |  | 49 |  | 47 |  | — |  | 3,005 |
Total commercial loans and leases |  | $52,344 |  |  | $1,772 |  |  | $1,028 |  |  | $261 |  |  | $55,405 |
| December 31, 2017
|  | Criticized |
(in millions) | Pass |  | Special Mention | Substandard |  | Doubtful |  | Total |
Commercial |  | $35,430 |  |  | $1,143 |  |  | $785 |  |  | $204 |  |  | $37,562 |
Commercial real estate | 10,706 |  | 500 |  | 74 |  | 28 |  | 11,308 |
Leases | 3,069 |  | 73 |  | 19 |  | — |  | 3,161 |
Total commercial loans and leases |  | $49,205 |  |  | $1,716 |  |  | $878 |  |  | $232 |  |  | $52,031 |
Schedule of retail loan investments categorized by delinquency status | The recorded investment in classes of retail loans, categorized by delinquency status is presented below:
| September 30, 2018
|  | Days Past Due
(in millions) | Current |  | 1-29 | 30-59 | 60-89 | 90 or More | Total |
Residential mortgages |  | $18,173 |  |  | $136 |  |  | $37 |  |  | $13 |  |  | $134 |  |  | $18,493 |
Home equity loans | 999 |  | 79 |  | 11 |  | 3 |  | 39 |  | 1,131 |
Home equity lines of credit | 12,214 |  | 383 |  | 55 |  | 25 |  | 186 |  | 12,863 |
Home equity loans serviced by others | 382 |  | 24 |  | 6 |  | 2 |  | 15 |  | 429 |
Home equity lines of credit serviced by others | 87 |  | 17 |  | 2 |  | 1 |  | 7 |  | 114 |
Automobile | 10,849 |  | 1,109 |  | 189 |  | 51 |  | 57 |  | 12,255 |
Education | 8,514 |  | 151 |  | 24 |  | 13 |  | 10 |  | 8,712 |
Credit cards | 1,814 |  | 57 |  | 14 |  | 9 |  | 17 |  | 1,911 |
Other retail | 3,291 |  | 69 |  | 20 |  | 15 |  | 12 |  | 3,407 |
Total retail loans |  | $56,323 |  |  | $2,025 |  |  | $358 |  |  | $132 |  |  | $477 |  |  | $59,315 |
| December 31, 2017
|  | Days Past Due
(in millions) | Current |  | 1-29 | 30-59 | 60-89 | 90 or More | Total |
Residential mortgages |  | $16,714 |  |  | $147 |  |  | $46 |  |  | $18 |  |  | $120 |  |  | $17,045 |
Home equity loans | 1,212 |  | 102 |  | 20 |  | 4 |  | 54 |  | 1,392 |
Home equity lines of credit | 12,756 |  | 438 |  | 78 |  | 23 |  | 188 |  | 13,483 |
Home equity loans serviced by others | 477 |  | 29 |  | 10 |  | 4 |  | 22 |  | 542 |
Home equity lines of credit serviced by others | 116 |  | 21 |  | 4 |  | 1 |  | 7 |  | 149 |
Automobile | 11,596 |  | 1,273 |  | 220 |  | 55 |  | 60 |  | 13,204 |
Education | 7,898 |  | 160 |  | 23 |  | 12 |  | 41 |  | 8,134 |
Credit cards | 1,747 |  | 63 |  | 12 |  | 9 |  | 17 |  | 1,848 |
Other retail | 2,679 |  | 68 |  | 20 |  | 12 |  | 10 |  | 2,789 |
Total retail loans |  | $55,195 |  |  | $2,301 |  |  | $433 |  |  | $138 |  |  | $519 |  |  | $58,586 |
Schedule of nonperforming loans and leases by class | The following table presents nonperforming loans and leases and loans accruing and 90 days or more past due:
| Nonperforming |  | Accruing and 90 days or more past due
(in millions) | September 30, 2018 |  | December 31, 2017 |  | September 30, 2018 |  | December 31, 2017
Commercial |  | $228 |  |  |  | $238 |  |  |  | $— |  |  |  | $5 |
Commercial real estate | 30 |  |  | 27 |  |  | — |  |  | 3 |
Leases | — |  |  | — |  |  | — |  |  | — |
Total commercial loans and leases | 258 |  |  | 265 |  |  | — |  |  | 8 |
Residential mortgages (1) | 136 |  |  | 128 |  |  | 16 |  |  | 16 |
Home equity loans | 53 |  |  | 72 |  |  | — |  |  | — |
Home equity lines of credit | 221 |  |  | 233 |  |  | — |  |  | — |
Home equity loans serviced by others | 19 |  |  | 25 |  |  | — |  |  | — |
Home equity lines of credit serviced by others | 16 |  |  | 18 |  |  | — |  |  | — |
Automobile | 67 |  |  | 70 |  |  | — |  |  | — |
Education | 38 |  |  | 38 |  |  | 3 |  |  | 3 |
Credit card | 17 |  |  | 17 |  |  | — |  |  | — |
Other retail | 7 |  |  | 5 |  |  | 6 |  |  | 5 |
Total retail loans | 574 |  |  | 606 |  |  | 25 |  |  | 24 |
Total |  | $832 |  |  |  | $871 |  |  |  | $25 |  |  |  | $32 |
(1) Nonperforming balances exclude first lien residential mortgage loans that are 100% guaranteed by the Federal Housing Administration. These loans, which are accruing and 90 days or more past due, totaled $13 million and $15 million as of September 30, 2018 and December 31, 2017, respectively. Nonperforming balances also exclude guaranteed residential mortgage loans sold to GNMA for which the Company has the right, but not the obligation, to repurchase. These loans totaled $116 million and $30 million as of September 30, 2018 and December 31, 2017, respectively. These loans are included in the Company’s Consolidated Balance Sheets.
Summary of key performance indicators | A summary of nonperforming loan and lease key performance indicators is presented below:
| September 30, 2018 |  | December 31, 2017
Nonperforming commercial loans and leases as a percentage of total loans and leases | 0.23 | % |  | 0.24 | %
Nonperforming retail loans as a percentage of total loans and leases | 0.50 |  |  | 0.55 |
Total nonperforming loans and leases as a percentage of total loans and leases | 0.73 | % |  | 0.79 | %
Nonperforming commercial assets as a percentage of total assets | 0.16 | % |  | 0.17 | %
Nonperforming retail assets as a percentage of total assets | 0.38 | % |  | 0.43 | %
Total nonperforming assets as a percentage of total assets | 0.54 | % |  | 0.60 | %
Analysis of age of past due amounts | An analysis of the age of both accruing and nonaccruing loan and lease past due amounts is presented below:
| September 30, 2018 |  | December 31, 2017
| Days Past Due |  | Days Past Due
(in millions) | 30-59 | 60-89 | 90 or More | Total |  |  | 30-59 | 60-89 | 90 or More | Total |
Commercial |  | $46 |  |  | $3 |  |  | $94 |  |  | $143 |  |  |  | $26 |  |  | $4 |  |  | $243 |  |  | $273 |
Commercial real estate | 46 |  | 7 |  | 27 |  | 80 |  |  | 38 |  | 20 |  | 30 |  | 88 |
Leases | — |  | — |  | — |  | — |  |  | 4 |  | 1 |  | — |  | 5 |
Total commercial loans and leases | 92 |  | 10 |  | 121 |  | 223 |  |  | 68 |  | 25 |  | 273 |  | 366 |
Residential mortgages | 37 |  | 13 |  | 134 |  | 184 |  |  | 46 |  | 18 |  | 120 |  | 184 |
Home equity loans | 11 |  | 3 |  | 39 |  | 53 |  |  | 20 |  | 4 |  | 54 |  | 78 |
Home equity lines of credit | 55 |  | 25 |  | 186 |  | 266 |  |  | 78 |  | 23 |  | 188 |  | 289 |
Home equity loans serviced by others | 6 |  | 2 |  | 15 |  | 23 |  |  | 10 |  | 4 |  | 22 |  | 36 |
Home equity lines of credit serviced by others | 2 |  | 1 |  | 7 |  | 10 |  |  | 4 |  | 1 |  | 7 |  | 12 |
Automobile | 189 |  | 51 |  | 57 |  | 297 |  |  | 220 |  | 55 |  | 60 |  | 335 |
Education | 24 |  | 13 |  | 10 |  | 47 |  |  | 23 |  | 12 |  | 41 |  | 76 |
Credit cards | 14 |  | 9 |  | 17 |  | 40 |  |  | 12 |  | 9 |  | 17 |  | 38 |
Other retail | 20 |  | 15 |  | 12 |  | 47 |  |  | 20 |  | 12 |  | 10 |  | 42 |
Total retail loans | 358 |  | 132 |  | 477 |  | 967 |  |  | 433 |  | 138 |  | 519 |  | 1,090 |
Total |  | $450 |  |  | $142 |  |  | $598 |  |  | $1,190 |  |  |  | $501 |  |  | $163 |  |  | $792 |  |  | $1,456 |
Schedule of impaired loans by class | A summary of impaired loans by class is presented below:
| September 30, 2018
(in millions) | Impaired Loans With a Related Allowance | Allowance on Impaired Loans | Impaired Loans Without a Related Allowance | Unpaid Contractual Balance | Total Recorded Investment in Impaired Loans
Commercial |  | $237 |  |  | $52 |  |  | $133 |  |  | $439 |  |  | $370 |
Commercial real estate | 31 |  | 7 |  | 29 |  | 78 |  | 60 |
Leases | — |  | — |  | — |  | — |  | — |
Total commercial loans and leases | 268 |  | 59 |  | 162 |  | 517 |  | 430 |
Residential mortgages | 28 |  | 2 |  | 128 |  | 201 |  | 156 |
Home equity loans | 34 |  | 3 |  | 72 |  | 145 |  | 106 |
Home equity lines of credit | 18 |  | 1 |  | 190 |  | 253 |  | 208 |
Home equity loans serviced by others | 23 |  | 2 |  | 20 |  | 57 |  | 43 |
Home equity lines of credit serviced by others | 2 |  | — |  | 7 |  | 12 |  | 9 |
Automobile | 2 |  | — |  | 23 |  | 31 |  | 25 |
Education | 134 |  | 11 |  | 23 |  | 158 |  | 157 |
Credit cards | 24 |  | 7 |  | — |  | 25 |  | 24 |
Other retail | 4 |  | 1 |  | 3 |  | 8 |  | 7 |
Total retail loans | 269 |  | 27 |  | 466 |  | 890 |  | 735 |
Total |  | $537 |  |  | $86 |  |  | $628 |  |  | $1,407 |  |  | $1,165 |
| December 31, 2017
(in millions) | Impaired Loans With a Related Allowance | Allowance on Impaired Loans | Impaired Loans Without a Related Allowance | Unpaid Contractual Balance | Total Recorded Investment in Impaired Loans
Commercial |  | $183 |  |  | $42 |  |  | $159 |  |  | $403 |  |  | $342 |
Commercial real estate | 25 |  | 5 |  | 3 |  | 40 |  | 28 |
Leases | — |  | — |  | — |  | — |  | — |
Total commercial loans and leases | 208 |  | 47 |  | 162 |  | 443 |  | 370 |
Residential mortgages | 25 |  | 2 |  | 126 |  | 197 |  | 151 |
Home equity loans | 41 |  | 4 |  | 80 |  | 162 |  | 121 |
Home equity lines of credit | 16 |  | 1 |  | 181 |  | 241 |  | 197 |
Home equity loans serviced by others | 29 |  | 2 |  | 22 |  | 67 |  | 51 |
Home equity lines of credit serviced by others | 2 |  | — |  | 7 |  | 14 |  | 9 |
Automobile | 2 |  | — |  | 21 |  | 30 |  | 23 |
Education | 154 |  | 17 |  | 21 |  | 175 |  | 175 |
Credit cards | 24 |  | 7 |  | 1 |  | 25 |  | 25 |
Other retail | 5 |  | 1 |  | 4 |  | 10 |  | 9 |
Total retail loans | 298 |  | 34 |  | 463 |  | 921 |  | 761 |
Total |  | $506 |  |  | $81 |  |  | $625 |  |  | $1,364 |  |  | $1,131 |
Schedule of additional information on impaired loans | Additional information on impaired loans is presented below:
| Three Months Ended September 30,
| 2018 |  | 2017
(in millions) | Interest Income Recognized | Average Recorded Investment |  | Interest Income Recognized | Average Recorded Investment
Commercial |  | $3 |  |  | $334 |  |  |  | $1 |  |  | $391 |
Commercial real estate | — |  | 34 |  |  | — |  | 33 |
Leases | — |  | — |  |  | — |  | — |
Total commercial loans and leases | 3 |  | 368 |  |  | 1 |  | 424 |
Residential mortgages | 1 |  | 154 |  |  | — |  | 137 |
Home equity loans | 1 |  | 107 |  |  | 1 |  | 125 |
Home equity lines of credit | 2 |  | 202 |  |  | 2 |  | 192 |
Home equity loans serviced by others | 1 |  | 43 |  |  | — |  | 51 |
Home equity lines of credit serviced by others | — |  | 9 |  |  | — |  | 9 |
Automobile | — |  | 23 |  |  | — |  | 21 |
Education | 3 |  | 160 |  |  | 3 |  | 178 |
Credit cards | — |  | 24 |  |  | — |  | 25 |
Other retail | — |  | 7 |  |  | — |  | 10 |
Total retail loans | 8 |  | 729 |  |  | 6 |  | 748 |
Total |  | $11 |  |  | $1,097 |  |  |  | $7 |  |  | $1,172 |
| Nine Months Ended September 30,
| 2018 |  | 2017
(in millions) | Interest Income Recognized | Average Recorded Investment |  | Interest Income Recognized | Average Recorded Investment
Commercial |  | $7 |  |  | $318 |  |  |  | $3 |  |  | $402 |
Commercial real estate | — |  | 33 |  |  | — |  | 39 |
Leases | — |  | — |  |  | — |  | — |
Total commercial loans and leases | 7 |  | 351 |  |  | 3 |  | 441 |
Residential mortgages | 4 |  | 148 |  |  | 3 |  | 128 |
Home equity loans | 4 |  | 107 |  |  | 4 |  | 124 |
Home equity lines of credit | 6 |  | 189 |  |  | 5 |  | 178 |
Home equity loans serviced by others | 2 |  | 44 |  |  | 2 |  | 51 |
Home equity lines of credit serviced by others | — |  | 9 |  |  | — |  | 9 |
Automobile | — |  | 21 |  |  | — |  | 18 |
Education | 7 |  | 159 |  |  | 7 |  | 178 |
Credit cards | 1 |  | 22 |  |  | 1 |  | 23 |
Other retail | — |  | 7 |  |  | — |  | 10 |
Total retail loans | 24 |  | 706 |  |  | 22 |  | 719 |
Total |  | $31 |  |  | $1,057 |  |  |  | $25 |  |  | $1,160 |
Troubled debt restructurings on financing receivables | The table below summarizes TDRs by class and total unfunded commitments:
(in millions) | September 30, 2018 |  | December 31, 2017
Commercial |  | $253 |  |  |  | $129 |
Retail | 735 |  |  | 761 |
Unfunded commitments tied to TDRs | 28 |  |  | 39 |
The table below summarizes how loans were modified during the three months ended September 30, 2018, the charge-offs related to the modifications, and the impact on the ALLL. The reported balances can include loans that became TDRs during the three months ended September 30, 2018 and were paid off in full, charged off, or sold prior to September 30, 2018.
| Primary Modification Types
| Interest Rate Reduction (1) |  | Maturity Extension (2)
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
Commercial | 1 |  |  | $— |  |  | $— |  |  | 13 |  |  | $1 |  |  | $1 |
Commercial real estate | — |  | — |  | — |  |  | — |  | — |  | — |
Total commercial loans | 1 |  | — |  | — |  |  | 13 |  | 1 |  | 1 |
Residential mortgages | 9 |  | 1 |  | 1 |  |  | 17 |  | 2 |  | 2 |
Home equity loans | 10 |  | — |  | 1 |  |  | — |  | — |  | — |
Home equity lines of credit | 27 |  | 3 |  | 3 |  |  | 58 |  | 10 |  | 10 |
Home equity loans serviced by others | 2 |  | — |  | — |  |  | — |  | — |  | — |
Home equity lines of credit serviced by others | 1 |  | — |  | — |  |  | — |  | — |  | — |
Automobile | 45 |  | 1 |  | — |  |  | 9 |  | — |  | — |
Education | — |  | — |  | — |  |  | — |  | — |  | — |
Credit cards | 623 |  | 4 |  | 4 |  |  | — |  | — |  | — |
Other retail | — |  | — |  | — |  |  | — |  | — |  | — |
Total retail loans | 717 |  | 9 |  | 9 |  |  | 84 |  | 12 |  | 12 |
Total | 718 |  |  | $9 |  |  | $9 |  |  | 97 |  |  | $13 |  |  | $13 |
| Primary Modification Types |  |  |
| Other (3) |  |  |
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Net Change to ALLL Resulting from Modification | Charge-offs Resulting from Modification
Commercial | 1 |  |  | $— |  |  | $— |  |  |  | $— |  |  | $— |
Commercial real estate | — |  | — |  | — |  |  | — |  | — |
Total commercial loans | 1 |  | — |  | — |  |  | — |  | — |
Residential mortgages | 31 |  | 4 |  | 3 |  |  | (1 | ) | — |
Home equity loans | 40 |  | 2 |  | 2 |  |  | — |  | — |
Home equity lines of credit | 104 |  | 7 |  | 7 |  |  | — |  | — |
Home equity loans serviced by others | 5 |  | 1 |  | 1 |  |  | — |  | — |
Home equity lines of credit serviced by others | 8 |  | — |  | — |  |  | — |  | — |
Automobile | 315 |  | 5 |  | 4 |  |  | — |  | 2 |
Education | 45 |  | 1 |  | 1 |  |  | 1 |  | — |
Credit cards | — |  | — |  | — |  |  | 1 |  | — |
Other retail | — |  | — |  | — |  |  | — |  | — |
Total retail loans | 548 |  | 20 |  | 18 |  |  | 1 |  | 2 |
Total | 549 |  |  | $20 |  |  | $18 |  |  |  | $1 |  |  | $2 |
(1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post modification balances being higher than pre-modification. The table below summarizes how loans were modified during the three months ended September 30, 2017, the charge-offs related to the modifications, and the impact on the ALLL. The reported balances can include loans that became TDRs during the three months ended September 30, 2017 and were paid off in full, charged off, or sold prior to September 30, 2017.
| Primary Modification Types
| Interest Rate Reduction (1) |  | Maturity Extension (2)
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
Commercial | 3 |  |  | $1 |  |  | $1 |  |  | 17 |  |  | $8 |  |  | $7 |
Commercial real estate | — |  | — |  | — |  |  | 1 |  | — |  | — |
Total commercial loans | 3 |  | 1 |  | 1 |  |  | 18 |  | 8 |  | 7 |
Residential mortgages | 13 |  | 1 |  | 2 |  |  | 15 |  | 1 |  | 2 |
Home equity loans | 25 |  | 2 |  | 1 |  |  | — |  | — |  | — |
Home equity lines of credit | 11 |  | 1 |  | 1 |  |  | 86 |  | 11 |  | 11 |
Home equity loans serviced by others | 3 |  | — |  | — |  |  | — |  | — |  | — |
Home equity lines of credit serviced by others | — |  | — |  | — |  |  | — |  | — |  | — |
Automobile | 28 |  | 1 |  | 1 |  |  | 8 |  | — |  | — |
Education | — |  | — |  | — |  |  | — |  | — |  | — |
Credit cards | 661 |  | 3 |  | 3 |  |  | — |  | — |  | — |
Other retail | — |  | — |  | — |  |  | — |  | — |  | — |
Total retail loans | 741 |  | 8 |  | 8 |  |  | 109 |  | 12 |  | 13 |
Total | 744 |  |  | $9 |  |  | $9 |  |  | 127 |  |  | $20 |  |  | $20 |
| Primary Modification Types |  |  |
| Other (3) |  |  |
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Net Change to ALLL Resulting from Modification | Charge-offs Resulting from Modification
Commercial | 7 |  |  | $28 |  |  | $30 |  |  |  | $— |  |  | $— |
Commercial real estate | 1 |  | — |  | — |  |  | — |  | — |
Total commercial loans | 8 |  | 28 |  | 30 |  |  | — |  | — |
Residential mortgages | 38 |  | 3 |  | 3 |  |  | (1 | ) | — |
Home equity loans | 49 |  | 3 |  | 3 |  |  | — |  | — |
Home equity lines of credit | 110 |  | 6 |  | 7 |  |  | — |  | 1 |
Home equity loans serviced by others | 11 |  | 1 |  | — |  |  | — |  | — |
Home equity lines of credit serviced by others | 8 |  | 1 |  | — |  |  | — |  | — |
Automobile | 392 |  | 7 |  | 6 |  |  | — |  | 1 |
Education | 67 |  | 2 |  | 2 |  |  | — |  | — |
Credit cards | — |  | — |  | — |  |  | 1 |  | — |
Other retail | 2 |  | — |  | — |  |  | — |  | — |
Total retail loans | 677 |  | 23 |  | 21 |  |  | — |  | 2 |
Total | 685 |  |  | $51 |  |  | $51 |  |  |  | $— |  |  | $2 |
(1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post modification balances being higher than pre-modification. The table below summarizes how loans were modified during the nine months ended September 30, 2018, the charge-offs related to the modifications, and the impact on the ALLL. The reported balances can include loans that became TDRs during the nine months ended September 30, 2018 and were paid off in full, charged off, or sold prior to September 30, 2018.
| Primary Modification Types
| Interest Rate Reduction (1) |  | Maturity Extension (2)
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
Commercial | 6 |  |  | $1 |  |  | $1 |  |  | 23 |  |  | $2 |  |  | $2 |
Commercial real estate | — |  | — |  | — |  |  | 1 |  | — |  | — |
Total commercial loans | 6 |  | 1 |  | 1 |  |  | 24 |  | 2 |  | 2 |
Residential mortgages | 32 |  | 3 |  | 4 |  |  | 47 |  | 6 |  | 6 |
Home equity loans | 32 |  | 2 |  | 3 |  |  | 1 |  | — |  | — |
Home equity lines of credit | 55 |  | 5 |  | 5 |  |  | 147 |  | 21 |  | 21 |
Home equity loans serviced by others | 3 |  | — |  | — |  |  | — |  | — |  | — |
Home equity lines of credit serviced by others | 5 |  | — |  | — |  |  | 1 |  | — |  | — |
Automobile | 122 |  | 3 |  | 2 |  |  | 42 |  | 1 |  | 1 |
Education | — |  | — |  | — |  |  | — |  | — |  | — |
Credit cards | 1,776 |  | 10 |  | 10 |  |  | — |  | — |  | — |
Other retail | 1 |  | — |  | — |  |  | — |  | — |  | — |
Total retail loans | 2,026 |  | 23 |  | 24 |  |  | 238 |  | 28 |  | 28 |
Total | 2,032 |  |  | $24 |  |  | $25 |  |  | 262 |  |  | $30 |  |  | $30 |
| Primary Modification Types |  |  |
| Other (3) |  |  |
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Net Change to ALLL Resulting from Modification | Charge-offs Resulting from Modification
Commercial | 40 |  |  | $155 |  |  | $156 |  |  |  | $— |  |  | $— |
Commercial real estate | 2 |  | 31 |  | 31 |  |  | — |  | — |
Total commercial loans | 42 |  | 186 |  | 187 |  |  | — |  | — |
Residential mortgages | 117 |  | 14 |  | 14 |  |  | (1 | ) | — |
Home equity loans | 106 |  | 5 |  | 5 |  |  | — |  | — |
Home equity lines of credit | 310 |  | 22 |  | 21 |  |  | — |  | — |
Home equity loans serviced by others | 20 |  | 1 |  | 1 |  |  | — |  | — |
Home equity lines of credit serviced by others | 13 |  | — |  | — |  |  | — |  | — |
Automobile | 893 |  | 15 |  | 13 |  |  | — |  | 3 |
Education | 296 |  | 5 |  | 5 |  |  | 1 |  | — |
Credit cards | — |  | — |  | — |  |  | 3 |  | — |
Other retail | 4 |  | — |  | — |  |  | — |  | — |
Total retail loans | 1,759 |  | 62 |  | 59 |  |  | 3 |  | 3 |
Total | 1,801 |  |  | $248 |  |  | $246 |  |  |  | $3 |  |  | $3 |
(1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post modification balances being higher than pre-modification. The table below summarizes how loans were modified during the nine months ended September 30, 2017, the charge-offs related to the modifications, and the impact on the ALLL. The reported balances can include loans that became TDRs during the nine months ended September 30, 2017 and were paid off in full, charged off, or sold prior to September 30, 2017.
| Primary Modification Types
| Interest Rate Reduction (1) |  | Maturity Extension (2)
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment
Commercial | 7 |  |  | $2 |  |  | $2 |  |  | 35 |  |  | $22 |  |  | $21 |
Commercial real estate | — |  | — |  | — |  |  | 1 |  | — |  | — |
Total commercial loans | 7 |  | 2 |  | 2 |  |  | 36 |  | 22 |  | 21 |
Residential mortgages | 56 |  | 6 |  | 7 |  |  | 50 |  | 9 |  | 10 |
Home equity loans | 68 |  | 4 |  | 4 |  |  | 1 |  | — |  | — |
Home equity lines of credit | 41 |  | 2 |  | 2 |  |  | 204 |  | 26 |  | 26 |
Home equity loans serviced by others | 14 |  | 1 |  | 1 |  |  | — |  | — |  | — |
Home equity lines of credit serviced by others | 3 |  | — |  | — |  |  | 2 |  | — |  | — |
Automobile | 93 |  | 2 |  | 2 |  |  | 23 |  | — |  | — |
Education | — |  | — |  | — |  |  | — |  | — |  | — |
Credit cards | 1,850 |  | 10 |  | 10 |  |  | — |  | — |  | — |
Other retail | 1 |  | — |  | — |  |  | — |  | — |  | — |
Total retail loans | 2,126 |  | 25 |  | 26 |  |  | 280 |  | 35 |  | 36 |
Total | 2,133 |  |  | $27 |  |  | $28 |  |  | 316 |  |  | $57 |  |  | $57 |
| Primary Modification Types |  |  |
| Other (3) |  |  |
(dollars in millions) | Number of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment |  | Net Change to ALLL Resulting from Modification | Charge-offs Resulting from Modification
Commercial | 12 |  |  | $64 |  |  | $65 |  |  |  | $1 |  |  | $— |
Commercial real estate | 1 |  | — |  | — |  |  | — |  | — |
Total commercial loans | 13 |  | 64 |  | 65 |  |  | 1 |  | — |
Residential mortgages | 122 |  | 13 |  | 13 |  |  | (1 | ) | — |
Home equity loans | 192 |  | 11 |  | 11 |  |  | — |  | — |
Home equity lines of credit | 295 |  | 20 |  | 20 |  |  | — |  | 1 |
Home equity loans serviced by others | 41 |  | 2 |  | 1 |  |  | — |  | — |
Home equity lines of credit serviced by others | 21 |  | 2 |  | 1 |  |  | — |  | — |
Automobile | 1,017 |  | 18 |  | 16 |  |  | — |  | 3 |
Education | 235 |  | 4 |  | 4 |  |  | 1 |  | — |
Credit cards | — |  | — |  | — |  |  | 3 |  | — |
Other retail | 5 |  | — |  | — |  |  | (1 | ) | — |
Total retail loans | 1,928 |  | 70 |  | 66 |  |  | 2 |  | 4 |
Total | 1,941 |  |  | $134 |  |  | $131 |  |  |  | $3 |  |  | $4 |
(1) Includes modifications that consist of multiple concessions, one of which is an interest rate reduction. (2) Includes modifications that consist of multiple concessions, one of which is a maturity extension (unless one of the other concessions was an interest rate reduction). (3) Includes modifications other than interest rate reductions or maturity extensions, such as lowering scheduled payments for a specified period of time, principal forgiveness, and capitalizing arrearages. Also included are the following: deferrals, trial modifications, certain bankruptcies, loans in forbearance and prepayment plans. Modifications can include the deferral of accrued interest resulting in post modification balances being higher than pre-modification.
Schedule of defaults | The table below summarizes TDRs that defaulted within 12 months of their modification date during the nine months ended September 30, 2018 and 2017, respectively. For purposes of this table, a payment default refers to a loan that becomes 90 days or more past due under the modified terms. Amounts represent the loan’s recorded investment at the time of payment default. If a TDR of any loan type becomes 90 days past due after being modified, the loan is written down to the fair value of collateral less cost to sell. The amount written off is charged to the ALLL.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2018 |  | 2017 |  | 2018 |  | 2017
(dollars in millions) | Number of Contracts | Balance Defaulted |  | Number of Contracts | Balance Defaulted |  | Number of Contracts | Balance Defaulted |  | Number of Contracts | Balance Defaulted
Commercial | 9 |  |  | $32 |  |  | 2 |  |  | $4 |  |  | 15 |  |  | $52 |  |  | 7 |  |  | $5 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | 1 |  | — |  |  | 1 |  | 4 |
Total commercial loans | 9 |  | 32 |  |  | 2 |  | 4 |  |  | 16 |  | 52 |  |  | 8 |  | 9 |
Residential mortgages | 33 |  | 4 |  |  | 35 |  | 5 |  |  | 103 |  | 12 |  |  | 121 |  | 15 |
Home equity loans | 6 |  | — |  |  | 12 |  | — |  |  | 24 |  | 1 |  |  | 35 |  | 1 |
Home equity lines of credit | 59 |  | 5 |  |  | 55 |  | 4 |  |  | 165 |  | 13 |  |  | 152 |  | 11 |
Home equity loans serviced by others | 3 |  | — |  |  | 6 |  | — |  |  | 13 |  | — |  |  | 16 |  | — |
Home equity lines of credit serviced by others | 2 |  | — |  |  | 4 |  | — |  |  | 3 |  | — |  |  | 8 |  | — |
Automobile | 40 |  | — |  |  | 42 |  | — |  |  | 116 |  | 1 |  |  | 103 |  | 1 |
Education | 1 |  | — |  |  | 5 |  | 1 |  |  | 13 |  | 1 |  |  | 41 |  | 1 |
Credit cards | 106 |  | 1 |  |  | 116 |  | — |  |  | 327 |  | 2 |  |  | 344 |  | 2 |
Other retail | 1 |  | — |  |  | 2 |  | — |  |  | 1 |  | — |  |  | 4 |  | — |
Total retail loans | 251 |  | 10 |  |  | 277 |  | 10 |  |  | 765 |  | 30 |  |  | 824 |  | 31 |
Total | 260 |  |  | $42 |  |  | 279 |  |  | $14 |  |  | 781 |  |  | $82 |  |  | 832 |  |  | $40 |
Schedule of loans that may increase credit exposure | The following tables present balances of loans with these characteristics:
| September 30, 2018
(in millions) | Residential Mortgages | Home Equity Loans and Lines of Credit | Home Equity Products Serviced by Others | Credit Cards |  | Total |
High loan-to-value |  | $339 |  |  | $107 |  |  | $174 |  |  | $— |  |  | $620 |
Interest-only/negative amortization | 1,786 |  | — |  | — |  | — |  | 1,786 |
Low introductory rate | — |  | — |  | — |  | 211 |  | 211 |
Multiple characteristics and other | 1 |  | — |  | — |  | — |  | 1 |
Total |  | $2,126 |  |  | $107 |  |  | $174 |  |  | $211 |  |  | $2,618 |
| December 31, 2017
(in millions) | Residential Mortgages | Home Equity Loans and Lines of Credit | Home Equity Products Serviced by Others | Credit Cards |  | Education |  | Total |
High loan-to-value |  | $366 |  |  | $166 |  |  | $264 |  |  | $— |  |  | $— |  |  | $796 |
Interest-only/negative amortization | 1,763 |  | — |  | — |  | — |  | 1 |  | 1,764 |
Low introductory rate | — |  | — |  | — |  | 197 |  | — |  | 197 |
Multiple characteristics and other | 1 |  | — |  | — |  | — |  | — |  | 1 |
Total |  | $2,130 |  |  | $166 |  |  | $264 |  |  | $197 |  |  | $1 |  |  | $2,758 |

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