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v3.20.1

ALLOWANCE FOR CREDIT LOSSES, NONPERFORMING ASSETS, AND CONCENTRATIONS OF CREDIT RISK (Tables) | 3 Months Ended
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Mar. 31, 2020
Receivables [Abstract] |
Schedule of changes in the allowance for credit losses | The following table presents a summary of changes in the ALLL and the reserve for unfunded lending commitments:
| Three Months Ended March 31, 2020
(in millions) | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $674 |  |  | $578 |  |  | $1,252 |
Cumulative effect of change in accounting principle | (176 | ) | 629 |  | 453 |
Allowance for loan and lease losses, beginning of period, adjusted | 498 |  | 1,207 |  | 1,705 |
Charge-offs | (47 | ) | (127 | ) | (174 | )
Recoveries | 3 |  | 34 |  | 37 |
Net charge-offs | (44 | ) | (93 | ) | (137 | )
Provision charged to income | 298 |  | 305 |  | 603 |
Allowance for loan and lease losses, end of period |  | $752 |  |  | $1,419 |  |  | $2,171 |
Reserve for unfunded lending commitments, beginning of period |  | $44 |  |  | $— |  |  | $44 |
Cumulative effective of change in accounting principle | (3 | ) | 1 |  | (2 | )
Reserve for unfunded lending commitments, beginning of period, adjusted | 41 |  | 1 |  | 42 |
Provision for unfunded lending commitments | (3 | ) | — |  | (3 | )
Reserve for unfunded lending commitments, end of period |  | $38 |  |  | $1 |  |  | $39 |
The following table provides additional detail on the cumulative effect of change in accounting principle on the ACL:
| December 31, 2019 |  | January 1, 2020 |  | March 31, 2020
(in millions) | Amortized Cost Basis | ACL Balance | Coverage |  | Impact of Adoption of CECL | ACL Balance | Coverage |  | Amortized Cost Basis | ACL Balance | Coverage
Commercial |  | $41,479 |  |  | $575 |  | 1.4 | % |  |  | ($199 | ) |  | $376 |  | 0.9 | % |  |  | $49,092 |  |  | $613 |  | 1.2 | %
Commercial real estate | 13,522 |  | 124 |  | 0.9 |  |  | (57 | ) | 67 |  | 0.5 |  |  | 14,502 |  | 74 |  | 0.5 |
Leases | 2,537 |  | 19 |  | 0.7 |  |  | 77 |  | 96 |  | 3.8 |  |  | 2,438 |  | 103 |  | 4.2 |
Total commercial loans and leases | 57,538 |  | 718 |  | 1.2 |  |  | (179 | ) | 539 |  | 0.9 |  |  | 66,032 |  | 790 |  | 1.2 |
Residential | 19,083 |  | 35 |  | 0.2 |  |  | 95 |  | 130 |  | 0.7 |  |  | 18,721 |  | 153 |  | 0.8 |
Home equity | 13,154 |  | 83 |  | 0.6 |  |  | 73 |  | 156 |  | 1.2 |  |  | 12,992 |  | 169 |  | 1.3 |
Automobile | 12,120 |  | 123 |  | 1.0 |  |  | 83 |  | 206 |  | 1.7 |  |  | 12,157 |  | 278 |  | 2.3 |
Education | 10,347 |  | 116 |  | 1.1 |  |  | 298 |  | 414 |  | 4.0 |  |  | 10,887 |  | 473 |  | 4.3 |
Other retail | 6,846 |  | 221 |  | 3.2 |  |  | 81 |  | 302 |  | 4.4 |  |  | 6,739 |  | 347 |  | 5.1 |
Total retail loans | 61,550 |  | 578 |  | 0.9 |  |  | 630 |  | 1,208 |  | 2.0 |  |  | 61,496 |  | 1,420 |  | 2.3 |
Total loans and leases |  | $119,088 |  |  | $1,296 |  | 1.1 | % |  |  | $451 |  |  | $1,747 |  | 1.5 | % |  |  | $127,528 |  |  | $2,210 |  | 1.7 | %
In addition to the adoption of CECL, macroeconomic assumptions shifted as the COVID-19 pandemic and related economic impacts surfaced during the quarter ended March 31, 2020, resulting in a significant impact to the ACL. The significant increase in the ACL as of March 31, 2020 as compared to the January 1, 2020 ACL was driven by the COVID-19 pandemic and the resulting economic impacts, with a total reserve build of $463 million and an ending balance of $2.2 billion. To determine the ACL as of March 31, 2020, the Company utilized the Moody’s March 27th Baseline forecast to integrate the effects of COVID-19 in the loss estimates. Estimated Losses were adjusted for the expected benefit of COVID-19-related fiscal and monetary stimulus measures and the expected beneficial impacts of customer assistance actions. These actions include company forbearance and other customer accommodation efforts encouraged by the CARES Act and regulatory interagency guidance that the Company believes will stabilize credit profiles in both the commercial and consumer portfolios. The economic forecast risk component of the qualitative reserve was informed by a composite economic scenario approach utilizing the Moody’s March 27th Baseline scenario as the most likely outcome and two less likely outcomes - an alternate Moody’s pandemic scenario and an internally generated pandemic scenario. All scenarios assumed a deep recession in the second quarter 2020 with significantly declining GDP and elevated unemployment followed by a strong recovery in the second half of 2020. The following table presents a summary of changes in the ALLL and the reserve for unfunded lending commitments:
| Three Months Ended March 31, 2019
(in millions) | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $690 |  |  | $552 |  |  | $1,242 |
Charge-offs | (26 | ) | (112 | ) | (138 | )
Recoveries | 2 |  | 47 |  | 49 |
Net charge-offs | (24 | ) | (65 | ) | (89 | )
Provision charged to income | 25 |  | 67 |  | 92 |
Allowance for loan and lease losses, end of period |  | $691 |  |  | $554 |  |  | $1,245 |
Reserve for unfunded lending commitments, beginning of period |  | $91 |  |  | $— |  |  | $91 |
Provision for unfunded lending commitments | (7 | ) | — |  | (7 | )
Reserve for unfunded lending commitments, end of period |  | $84 |  |  | $— |  |  | $84 |
Schedule of classes of loans and leases, amortized cost basis by credit quality indicator | The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of March 31, 2020:
| Term Loans by Origination Year |  | Revolving Loans |  |
(in millions) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior to 2016 |  | Within the Revolving Period | Converted to Term |  | Total |
Commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass |  | $1,480 |  |  |  | $7,457 |  |  |  | $5,444 |  |  |  | $3,079 |  |  |  | $1,901 |  |  |  | $3,035 |  |  |  | $23,655 |  |  | $174 |  |  |  | $46,225 |
Special Mention | — |  |  | 126 |  |  | 264 |  |  | 88 |  |  | 75 |  |  | 177 |  |  | 766 |  | 4 |  |  | 1,500 |
Substandard | 2 |  |  | 60 |  |  | 150 |  |  | 136 |  |  | 99 |  |  | 104 |  |  | 493 |  | 18 |  |  | 1,062 |
Doubtful | — |  |  | 27 |  |  | 9 |  |  | 23 |  |  | 10 |  |  | 87 |  |  | 145 |  | 4 |  |  | 305 |
Total commercial | 1,482 |  |  | 7,670 |  |  | 5,867 |  |  | 3,326 |  |  | 2,085 |  |  | 3,403 |  |  | 25,059 |  | 200 |  |  | 49,092 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 898 |  |  | 3,322 |  |  | 3,750 |  |  | 1,937 |  |  | 1,187 |  |  | 1,257 |  |  | 1,394 |  | — |  |  | 13,745 |
Special Mention | 48 |  |  | 72 |  |  | 181 |  |  | 78 |  |  | 56 |  |  | 93 |  |  | 197 |  | — |  |  | 725 |
Substandard | — |  |  | — |  |  | 19 |  |  | 2 |  |  | — |  |  | 3 |  |  | — |  | — |  |  | 24 |
Doubtful | — |  |  | — |  |  | 1 |  |  | 5 |  |  | — |  |  | 2 |  |  | — |  | — |  |  | 8 |
Total commercial real estate | 946 |  |  | 3,394 |  |  | 3,951 |  |  | 2,022 |  |  | 1,243 |  |  | 1,355 |  |  | 1,591 |  | — |  |  | 14,502 |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 90 |  |  | 370 |  |  | 291 |  |  | 200 |  |  | 261 |  |  | 1,107 |  |  | — |  | — |  |  | 2,319 |
Special Mention | — |  |  | 2 |  |  | 6 |  |  | 5 |  |  | 4 |  |  | 2 |  |  | — |  | — |  |  | 19 |
Substandard | — |  |  | 6 |  |  | 33 |  |  | 6 |  |  | 21 |  |  | 33 |  |  | — |  | — |  |  | 99 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Total leases | 90 |  |  | 378 |  |  | 330 |  |  | 211 |  |  | 286 |  |  | 1,143 |  |  | — |  | — |  |  | 2,438 |
Total commercial loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,468 |  |  | 11,149 |  |  | 9,485 |  |  | 5,216 |  |  | 3,349 |  |  | 5,399 |  |  | 25,049 |  | 174 |  |  | 62,289 |
Special Mention | 48 |  |  | 200 |  |  | 451 |  |  | 171 |  |  | 135 |  |  | 272 |  |  | 963 |  | 4 |  |  | 2,244 |
Substandard | 2 |  |  | 66 |  |  | 202 |  |  | 144 |  |  | 120 |  |  | 140 |  |  | 493 |  | 18 |  |  | 1,185 |
Doubtful | — |  |  | 27 |  |  | 10 |  |  | 28 |  |  | 10 |  |  | 90 |  |  | 145 |  | 4 |  |  | 314 |
Total commercial loans and leases |  | $2,518 |  |  |  | $11,442 |  |  |  | $10,148 |  |  |  | $5,559 |  |  |  | $3,614 |  |  |  | $5,901 |  |  |  | $26,650 |  |  | $200 |  |  |  | $66,032 |
For retail loans, Citizens utilizes credit scores provided by FICO which are generally refreshed on a quarterly basis and the loan’s payment and delinquency status to monitor credit quality. FICO credit scores are considered the strongest indicator of credit losses over the contractual life of the loan as the scores are based on current and historical national industry-wide consumer level credit performance data, and assist management in predicting the borrower’s future payment performance. The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of March 31, 2020:
| Term Loans by Origination Year |  | Revolving Loans |  |
(in millions) | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016 |  | Prior to 2016 |  | Within the Revolving Period | Converted to Term |  | Total |
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ |  | $328 |  |  |  | $1,694 |  |  |  | $950 |  |  |  | $1,541 |  |  |  | $2,001 |  |  |  | $2,459 |  |  |  | $— |  |  | $— |  |  |  | $8,973 |
740-799 | 634 |  |  | 2,026 |  |  | 647 |  |  | 828 |  |  | 1,017 |  |  | 1,220 |  |  | — |  | — |  |  | 6,372 |
680-739 | 192 |  |  | 687 |  |  | 280 |  |  | 294 |  |  | 367 |  |  | 614 |  |  | — |  | — |  |  | 2,434 |
620-679 | 12 |  |  | 102 |  |  | 44 |  |  | 56 |  |  | 79 |  |  | 237 |  |  | — |  | — |  |  | 530 |
<620 | 4 |  |  | 16 |  |  | 35 |  |  | 46 |  |  | 44 |  |  | 251 |  |  | — |  | — |  |  | 396 |
No FICO available(1) | 2 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | 12 |  |  | — |  | — |  |  | 16 |
Total residential mortgages | 1,172 |  |  | 4,527 |  |  | 1,956 |  |  | 2,765 |  |  | 3,508 |  |  | 4,793 |  |  | — |  | — |  |  | 18,721 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1 |  |  | 10 |  |  | 15 |  |  | 9 |  |  | 6 |  |  | 288 |  |  | 4,314 |  | 339 |  |  | 4,982 |
740-799 | 1 |  |  | 7 |  |  | 8 |  |  | 7 |  |  | 4 |  |  | 238 |  |  | 3,423 |  | 302 |  |  | 3,990 |
680-739 | — |  |  | 3 |  |  | 8 |  |  | 9 |  |  | 6 |  |  | 224 |  |  | 1,915 |  | 272 |  |  | 2,437 |
620-679 | — |  |  | 1 |  |  | 6 |  |  | 15 |  |  | 9 |  |  | 160 |  |  | 570 |  | 174 |  |  | 935 |
<620 | — |  |  | 3 |  |  | 10 |  |  | 33 |  |  | 21 |  |  | 166 |  |  | 207 |  | 207 |  |  | 647 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Total home equity | 2 |  |  | 24 |  |  | 47 |  |  | 73 |  |  | 46 |  |  | 1,077 |  |  | 10,429 |  | 1,294 |  |  | 12,992 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 302 |  |  | 935 |  |  | 541 |  |  | 441 |  |  | 289 |  |  | 175 |  |  | — |  | — |  |  | 2,683 |
740-799 | 393 |  |  | 1,304 |  |  | 738 |  |  | 529 |  |  | 312 |  |  | 174 |  |  | — |  | — |  |  | 3,450 |
680-739 | 355 |  |  | 1,233 |  |  | 676 |  |  | 441 |  |  | 252 |  |  | 135 |  |  | — |  | — |  |  | 3,092 |
620-679 | 191 |  |  | 758 |  |  | 391 |  |  | 248 |  |  | 145 |  |  | 84 |  |  | — |  | — |  |  | 1,817 |
<620 | 26 |  |  | 314 |  |  | 277 |  |  | 227 |  |  | 151 |  |  | 99 |  |  | — |  | — |  |  | 1,094 |
No FICO available(1) | 2 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 18 |  |  | — |  | — |  |  | 21 |
Total automobile | 1,269 |  |  | 4,545 |  |  | 2,623 |  |  | 1,886 |  |  | 1,149 |  |  | 685 |  |  | — |  | — |  |  | 12,157 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 221 |  |  | 1,159 |  |  | 880 |  |  | 853 |  |  | 669 |  |  | 848 |  |  | — |  | — |  |  | 4,630 |
740-799 | 294 |  |  | 1,364 |  |  | 793 |  |  | 567 |  |  | 397 |  |  | 562 |  |  | — |  | — |  |  | 3,977 |
680-739 | 105 |  |  | 553 |  |  | 321 |  |  | 222 |  |  | 156 |  |  | 298 |  |  | — |  | — |  |  | 1,655 |
620-679 | 5 |  |  | 86 |  |  | 69 |  |  | 55 |  |  | 45 |  |  | 130 |  |  | — |  | — |  |  | 390 |
<620 | — |  |  | 12 |  |  | 23 |  |  | 25 |  |  | 22 |  |  | 86 |  |  | — |  | — |  |  | 168 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67 |  |  | — |  | — |  |  | 67 |
Total education | 625 |  |  | 3,174 |  |  | 2,086 |  |  | 1,722 |  |  | 1,289 |  |  | 1,991 |  |  | — |  | — |  |  | 10,887 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 138 |  |  | 574 |  |  | 234 |  |  | 90 |  |  | 21 |  |  | 58 |  |  | 300 |  | — |  |  | 1,415 |
740-799 | 223 |  |  | 849 |  |  | 318 |  |  | 130 |  |  | 32 |  |  | 41 |  |  | 664 |  | — |  |  | 2,257 |
680-739 | 162 |  |  | 609 |  |  | 216 |  |  | 84 |  |  | 19 |  |  | 22 |  |  | 648 |  | — |  |  | 1,760 |
620-679 | 78 |  |  | 272 |  |  | 84 |  |  | 28 |  |  | 6 |  |  | 8 |  |  | 229 |  | — |  |  | 705 |
<620 | 6 |  |  | 75 |  |  | 44 |  |  | 16 |  |  | 3 |  |  | 5 |  |  | 117 |  | — |  |  | 266 |
No FICO available(1) | 19 |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 314 |  | — |  |  | 336 |
Total other retail | 626 |  |  | 2,382 |  |  | 896 |  |  | 348 |  |  | 81 |  |  | 134 |  |  | 2,272 |  | — |  |  | 6,739 |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 990 |  |  | 4,372 |  |  | 2,620 |  |  | 2,934 |  |  | 2,986 |  |  | 3,828 |  |  | 4,614 |  | 339 |  |  | 22,683 |
740-799 | 1,545 |  |  | 5,550 |  |  | 2,504 |  |  | 2,061 |  |  | 1,762 |  |  | 2,235 |  |  | 4,087 |  | 302 |  |  | 20,046 |
680-739 | 814 |  |  | 3,085 |  |  | 1,501 |  |  | 1,050 |  |  | 800 |  |  | 1,293 |  |  | 2,563 |  | 272 |  |  | 11,378 |
620-679 | 286 |  |  | 1,219 |  |  | 594 |  |  | 402 |  |  | 284 |  |  | 619 |  |  | 799 |  | 174 |  |  | 4,377 |
<620 | 36 |  |  | 420 |  |  | 389 |  |  | 347 |  |  | 241 |  |  | 607 |  |  | 324 |  | 207 |  |  | 2,571 |
No FICO available(1) | 23 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 98 |  |  | 314 |  | — |  |  | 441 |
Total retail |  | $3,694 |  |  |  | $14,652 |  |  |  | $7,608 |  |  |  | $6,794 |  |  |  | $6,073 |  |  |  | $8,680 |  |  |  | $12,701 |  |  | $1,294 |  |  |  | $61,496 |
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Schedule of nonaccrual loans and leases and loans accruing and 90 days or more past due | The following table presents nonaccrual loans and leases and loans accruing and 90 days or more past due:
| As of December 31, 2019 |  | As of March 31, 2020
(in millions) | Nonaccrual loans and leases |  | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL
Commercial |  | $240 |  |  |  | $305 |  |  | $— |  |  | $46 |
Commercial real estate | 2 |  |  | 8 |  | — |  | 6 |
Leases | 3 |  |  | 1 |  | — |  | — |
Total commercial loans and leases | 245 |  |  | 314 |  | — |  | 52 |
Residential mortgages | 93 |  |  | 101 |  | 14 |  | 55 |
Home equity | 246 |  |  | 242 |  | — |  | 90 |
Automobile | 67 |  |  | 69 |  | — |  | 30 |
Education | 18 |  |  | 21 |  | 2 |  | 4 |
Other retail | 34 |  |  | 33 |  | 11 |  | 1 |
Total retail | 458 |  |  | 466 |  | 27 |  | 180 |
Total loans and leases |  | $703 |  |  |  | $780 |  |  | $27 |  |  | $232 |
Schedule of accruing and nonaccruing past due amounts | The following table presents an analysis of the age of both accruing and nonaccruing loan and lease past due amounts:
| March 31, 2020 |  | December 31, 2019
| Days Past Due |  | Days Past Due
(in millions) | Current-29 | 30-59 | 60-89 | 90 or More | Total |  |  | Current-29 | 30-59 | 60-89 | 90 or More | Total |
Commercial |  | $48,909 |  |  | $97 |  |  | $28 |  |  | $58 |  |  | $49,092 |  |  |  | $41,340 |  |  | $45 |  |  | $27 |  |  | $67 |  |  | $41,479 |
Commercial real estate | 14,494 |  | 1 |  | 6 |  | 1 |  | 14,502 |  |  | 13,520 |  | 1 |  | 1 |  | — |  | 13,522 |
Leases | 2,431 |  | 6 |  | — |  | 1 |  | 2,438 |  |  | 2,498 |  | 37 |  | — |  | 2 |  | 2,537 |
Total commercial loans and leases | 65,834 |  | 104 |  | 34 |  | 60 |  | 66,032 |  |  | 57,358 |  | 83 |  | 28 |  | 69 |  | 57,538 |
Residential mortgages | 18,586 |  | 25 |  | 16 |  | 94 |  | 18,721 |  |  | 18,947 |  | 35 |  | 17 |  | 84 |  | 19,083 |
Home equity | 12,681 |  | 92 |  | 34 |  | 185 |  | 12,992 |  |  | 12,834 |  | 91 |  | 40 |  | 189 |  | 13,154 |
Automobile | 11,856 |  | 206 |  | 72 |  | 23 |  | 12,157 |  |  | 11,788 |  | 227 |  | 81 |  | 24 |  | 12,120 |
Education | 10,835 |  | 24 |  | 13 |  | 15 |  | 10,887 |  |  | 10,290 |  | 30 |  | 15 |  | 12 |  | 10,347 |
Other retail | 6,622 |  | 46 |  | 29 |  | 42 |  | 6,739 |  |  | 6,729 |  | 45 |  | 31 |  | 41 |  | 6,846 |
Total retail loans | 60,580 |  | 393 |  | 164 |  | 359 |  | 61,496 |  |  | 60,588 |  | 428 |  | 184 |  | 350 |  | 61,550 |
Total |  | $126,414 |  |  | $497 |  |  | $198 |  |  | $419 |  |  | $127,528 |  |  |  | $117,946 |  |  | $511 |  |  | $212 |  |  | $419 |  |  | $119,088 |
Troubled debt restructurings on financing receivables | The following table summarizes TDRs by class and total unfunded commitments:
(in millions) | March 31, 2020 |  | December 31, 2019
Commercial |  | $283 |  |  |  | $297 |
Retail | 664 |  |  | 667 |
Unfunded commitments related to TDRs | 30 |  |  | 42 |
The following tables below summarize how loans were modified during the three months ended March 31, 2020 and 2019. The reported balances represent the post-modification outstanding amortized cost basis and can include loans that became TDRs during the period and were paid off in full, charged off, or sold prior to period end. Pre-modification balances for modified loans approximate the post-modification balances shown.
| Three Months Ended March 31, 2020
| Primary Modification Types
| Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3)
(dollars in millions) | Number of Contracts | Amortized Cost |  | Number of Contracts | Amortized Cost |  | Number of Contracts | Amortized Cost
Commercial | — |  |  | $— |  |  | 2 |  |  | $— |  |  | 17 |  |  | $41 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | — |  | — |  |  | 2 |  | — |  |  | 17 |  | 41 |
Residential mortgages | 38 |  | 6 |  |  | 37 |  | 7 |  |  | 21 |  | 4 |
Home equity | 46 |  | 4 |  |  | 6 |  | — |  |  | 71 |  | 4 |
Automobile | 47 |  | 1 |  |  | — |  | — |  |  | 183 |  | 2 |
Education | — |  | — |  |  | — |  | — |  |  | 91 |  | 2 |
Other retail | 861 |  | 4 |  |  | — |  | — |  |  | 112 |  | 1 |
Total retail loans | 992 |  | 15 |  |  | 43 |  | 7 |  |  | 478 |  | 13 |
Total | 992 |  |  | $15 |  |  | 45 |  |  | $7 |  |  | 495 |  |  | $54 |
| Three Months Ended March 31, 2019
| Primary Modification Types
| Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3)
(dollars in millions) | Number of Contracts | Amortized Cost |  | Number of Contracts | Amortized Cost |  | Number of Contracts | Amortized Cost
Commercial | — |  |  | $— |  |  | 5 |  |  | $1 |  |  | 12 |  |  | $40 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | — |  | — |  |  | 5 |  | 1 |  |  | 12 |  | 40 |
Residential mortgages | 4 |  | 2 |  |  | 11 |  | 2 |  |  | 30 |  | 4 |
Home equity | 36 |  | 4 |  |  | 35 |  | 6 |  |  | 138 |  | 9 |
Automobile | 25 |  | — |  |  | 5 |  | — |  |  | 289 |  | 4 |
Education | — |  | — |  |  | — |  | — |  |  | 67 |  | 2 |
Other retail | 616 |  | 4 |  |  | — |  | — |  |  | 1 |  | — |
Total retail loans | 681 |  | 10 |  |  | 51 |  | 8 |  |  | 525 |  | 19 |
Total | 681 |  |  | $10 |  |  | 56 |  |  | $9 |  |  | 537 |  |  | $59 |
(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 loans that may increase credit exposure | The following tables present balances of loans with these characteristics:
| March 31, 2020
(in millions) | Residential Mortgages |  | Home Equity |  | Other Retail |  | Total |
High loan-to-value |  | $412 |  |  | $131 |  |  | $— |  |  | $543 |
Interest-only/negative amortization | 2,126 |  | — |  | — |  | 2,126 |
Low introductory rate | — |  | — |  | 245 |  | 245 |
Total |  | $2,538 |  |  | $131 |  |  | $245 |  |  | $2,914 |
| December 31, 2019
(in millions) | Residential Mortgages |  | Home Equity |  | Other Retail |  | Total |
High loan-to-value |  | $402 |  |  | $151 |  |  | $— |  |  | $553 |
Interest-only/negative amortization | 2,043 |  | — |  | — |  | 2,043 |
Low introductory rate | — |  | — |  | 235 |  | 235 |
Total |  | $2,445 |  |  | $151 |  |  | $235 |  |  | $2,831 |

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