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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, 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 for the three and nine months ended September 30, 2020:
| Three Months Ended September 30, 2020 |  | Nine Months Ended September 30, 2020
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $1,235 |  |  | $1,213 |  |  | $2,448 |  |  |  | $674 |  |  | $578 |  |  | $1,252 |
Cumulative effect of change in accounting principle | — |  | — |  | — |  |  | (176 | ) | 629 |  | 453 |
Allowance for loan and lease losses, beginning of period, adjusted | 1,235 |  | 1,213 |  | 2,448 |  |  | 498 |  | 1,207 |  | 1,705 |
Charge-offs | (171 | ) | (86 | ) | (257 | ) |  | (292 | ) | (319 | ) | (611 | )
Recoveries | 1 |  | 37 |  | 38 |  |  | 7 |  | 101 |  | 108 |
Net charge-offs | (170 | ) | (49 | ) | (219 | ) |  | (285 | ) | (218 | ) | (503 | )
Provision charged to income | 224 |  | 89 |  | 313 |  |  | 1,076 |  | 264 |  | 1,340 |
Allowance for loan and lease losses, end of period |  | $1,289 |  |  | $1,253 |  |  | $2,542 |  |  |  | $1,289 |  |  | $1,253 |  |  | $2,542 |
Reserve for unfunded lending commitments, beginning of period |  | $69 |  |  | $10 |  |  | $79 |  |  |  | $44 |  |  | $— |  |  | $44 |
Cumulative effective of change in accounting principle | — |  | — |  | — |  |  | (3 | ) | 1 |  | (2 | )
Reserve for unfunded lending commitments, beginning of period, adjusted | 69 |  | 10 |  | 79 |  |  | 41 |  | 1 |  | 42 |
Provision for unfunded lending commitments | 83 |  | 32 |  | 115 |  |  | 111 |  | 41 |  | 152 |
Reserve for unfunded lending commitments, end of period |  | $152 |  |  | $42 |  |  | $194 |  |  |  | $152 |  |  | $42 |  |  | $194 |
The following table provides additional detail on the cumulative effect of change in accounting principle on the ACL and related coverage ratios:
| December 31, 2019 |  | January 1, 2020 |  | September 30, 2020
(in millions) | Amortized Cost Basis | ACL Balance | Coverage |  | Impact of Adoption of CECL | ACL Balance | Coverage |  | Amortized Cost Basis | ACL Balance | Coverage
Commercial(1) |  | $41,479 |  |  | $575 |  | 1.4 | % |  |  | ($199 | ) |  | $376 |  | 0.9 | % |  |  | $45,185 |  |  | $826 |  | 1.8 | %
Commercial real estate | 13,522 |  | 124 |  | 0.9 |  |  | (57 | ) | 67 |  | 0.5 |  |  | 14,889 |  | 548 |  | 3.7 |
Leases | 2,537 |  | 19 |  | 0.7 |  |  | 77 |  | 96 |  | 3.8 |  |  | 2,288 |  | 67 |  | 2.9 |
Total commercial loans and leases | 57,538 |  | 718 |  | 1.2 |  |  | (179 | ) | 539 |  | 0.9 |  |  | 62,362 |  | 1,441 |  | 2.3 |
Residential | 19,083 |  | 35 |  | 0.2 |  |  | 95 |  | 130 |  | 0.7 |  |  | 19,633 |  | 133 |  | 0.7 |
Home equity | 13,154 |  | 83 |  | 0.6 |  |  | 73 |  | 156 |  | 1.2 |  |  | 12,322 |  | 156 |  | 1.3 |
Automobile | 12,120 |  | 123 |  | 1.0 |  |  | 83 |  | 206 |  | 1.7 |  |  | 12,035 |  | 221 |  | 1.8 |
Education | 10,347 |  | 116 |  | 1.1 |  |  | 298 |  | 414 |  | 4.0 |  |  | 11,631 |  | 386 |  | 3.3 |
Other retail | 6,846 |  | 221 |  | 3.2 |  |  | 81 |  | 302 |  | 4.4 |  |  | 6,088 |  | 399 |  | 6.6 |
Total retail loans | 61,550 |  | 578 |  | 0.9 |  |  | 630 |  | 1,208 |  | 2.0 |  |  | 61,709 |  | 1,295 |  | 2.1 |
Total loans and leases |  | $119,088 |  |  | $1,296 |  | 1.1 | % |  |  | $451 |  |  | $1,747 |  | 1.5 | % |  |  | $124,071 |  |  | $2,736 |  | 2.2 | %
(1) The commercial coverage ratio includes a 21 basis point reduction associated with PPP loans as of September 30, 2020. The difference in ACL as of September 30, 2020 as compared to December 31, 2019 continues to be driven by the COVID-19 pandemic and associated lockdowns and the resulting economic impacts from March to September 2020, as well as the Company’s adoption of CECL on January 1, 2020. Citizens added $451 million in ACL upon adoption of CECL, and has since added an additional $989 million in the nine months ended September 30, 2020, resulting in an ending ACL balance of $2.7 billion. The increase in commercial net charge-offs in the nine months ended September 30, 2020 as compared to the nine months ended September 30, 2019 was driven by charge-offs in CRE, metals and mining, oil and gas, and casual dining industry sectors. Retail net charge-offs were flat in the nine months ended September 20, 2020 as compared to the nine months ended September 30, 2019. To determine the ACL as of September 30, 2020, Citizens utilized an economic scenario that generally reflects real GDP growth of 4.5% over 2021, returning to fourth quarter 2019 real GDP levels by the first quarter of 2022. The scenario also projects the fourth quarter 2020 unemployment rate to be in the range of 9% to 9.5%, and falling to 7% to 7.5% by the fourth quarter of 2021. While the macroeconomic forecast was slightly improved relative to the second quarter 2020 forecast, Citizens continued to apply management judgment to adjust the modeled reserves in the commercial industry sectors most impacted by the COVID-19-related lockdowns, including in retail and hospitality, casual dining, retail trade, price-sensitive energy and related, and educational services, as well as in certain retail products. The following table presents a summary of changes in the ALLL and the reserve for unfunded lending commitments for the three and nine months ended September 30, 2019:
| Three Months Ended September 30, 2019 |  | Nine Months Ended September 30, 2019
(in millions) | Commercial |  | Retail |  | Total |  |  | Commercial |  | Retail |  | Total |
Allowance for loan and lease losses, beginning of period |  | $680 |  |  | $547 |  |  | $1,227 |  |  |  | $690 |  |  | $552 |  |  | $1,242 |
Charge-offs | (35 | ) | (124 | ) | (159 | ) |  | (106 | ) | (347 | ) | (453 | )
Recoveries | 3 |  | 43 |  | 46 |  |  | 17 |  | 128 |  | 145 |
Net charge-offs | (32 | ) | (81 | ) | (113 | ) |  | (89 | ) | (219 | ) | (308 | )
Provision charged to income | 64 |  | 85 |  | 149 |  |  | 111 |  | 218 |  | 329 |
Allowance for loan and lease losses, end of period |  | $712 |  |  | $551 |  |  | $1,263 |  |  |  | $712 |  |  | $551 |  |  | $1,263 |
Reserve for unfunded lending commitments, beginning of period |  | $93 |  |  | $— |  |  | $93 |  |  |  | $91 |  |  | $— |  |  | $91 |
Provision for unfunded lending commitments | (48 | ) | — |  | (48 | ) |  | (46 | ) | — |  | (46 | )
Reserve for unfunded lending commitments, end of period |  | $45 |  |  | $— |  |  | $45 |  |  |  | $45 |  |  | $— |  |  | $45 |
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 September 30, 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) |  | $7,478 |  |  |  | $6,823 |  |  |  | $4,838 |  |  |  | $2,747 |  |  |  | $1,515 |  |  |  | $2,453 |  |  |  | $15,115 |  |  | $182 |  |  |  | $41,151 |
Special Mention | 58 |  |  | 275 |  |  | 237 |  |  | 149 |  |  | 92 |  |  | 222 |  |  | 892 |  | 125 |  |  | 2,050 |
Substandard | 60 |  |  | 220 |  |  | 326 |  |  | 100 |  |  | 85 |  |  | 140 |  |  | 630 |  | 19 |  |  | 1,580 |
Doubtful | 52 |  |  | 22 |  |  | 35 |  |  | 43 |  |  | 20 |  |  | 42 |  |  | 186 |  | 4 |  |  | 404 |
Total commercial | 7,648 |  |  | 7,340 |  |  | 5,436 |  |  | 3,039 |  |  | 1,712 |  |  | 2,857 |  |  | 16,823 |  | 330 |  |  | 45,185 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,774 |  |  | 3,406 |  |  | 3,608 |  |  | 1,553 |  |  | 825 |  |  | 1,112 |  |  | 1,073 |  | — |  |  | 13,351 |
Special Mention | 11 |  |  | 216 |  |  | 128 |  |  | 237 |  |  | 171 |  |  | 9 |  |  | 77 |  | — |  |  | 849 |
Substandard | 68 |  |  | 1 |  |  | 170 |  |  | 50 |  |  | 53 |  |  | 66 |  |  | 60 |  | — |  |  | 468 |
Doubtful | 20 |  |  | 38 |  |  | 53 |  |  | — |  |  | 36 |  |  | 3 |  |  | 24 |  | 47 |  |  | 221 |
Total commercial real estate | 1,873 |  |  | 3,661 |  |  | 3,959 |  |  | 1,840 |  |  | 1,085 |  |  | 1,190 |  |  | 1,234 |  | 47 |  |  | 14,889 |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 332 |  |  | 327 |  |  | 265 |  |  | 169 |  |  | 200 |  |  | 917 |  |  | — |  | — |  |  | 2,210 |
Special Mention | — |  |  | 2 |  |  | 3 |  |  | 6 |  |  | 5 |  |  | 25 |  |  | — |  | — |  |  | 41 |
Substandard | — |  |  | 2 |  |  | 2 |  |  | 5 |  |  | 4 |  |  | — |  |  | — |  | — |  |  | 13 |
Doubtful | — |  |  | — |  |  | 9 |  |  | 1 |  |  | 3 |  |  | 11 |  |  | — |  | — |  |  | 24 |
Total leases | 332 |  |  | 331 |  |  | 279 |  |  | 181 |  |  | 212 |  |  | 953 |  |  | — |  | — |  |  | 2,288 |
Total commercial loans and leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass(1) | 9,584 |  |  | 10,556 |  |  | 8,711 |  |  | 4,469 |  |  | 2,540 |  |  | 4,482 |  |  | 16,188 |  | 182 |  |  | 56,712 |
Special Mention | 69 |  |  | 493 |  |  | 368 |  |  | 392 |  |  | 268 |  |  | 256 |  |  | 969 |  | 125 |  |  | 2,940 |
Substandard | 128 |  |  | 223 |  |  | 498 |  |  | 155 |  |  | 142 |  |  | 206 |  |  | 690 |  | 19 |  |  | 2,061 |
Doubtful | 72 |  |  | 60 |  |  | 97 |  |  | 44 |  |  | 59 |  |  | 56 |  |  | 210 |  | 51 |  |  | 649 |
Total commercial loans and leases |  | $9,853 |  |  |  | $11,332 |  |  |  | $9,674 |  |  |  | $5,060 |  |  |  | $3,009 |  |  |  | $5,000 |  |  |  | $18,057 |  |  | $377 |  |  |  | $62,362 |
(1) Includes $4.7 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2020. 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. Management believes 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 September 30, 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+ |  | $1,971 |  |  |  | $1,983 |  |  |  | $751 |  |  |  | $1,297 |  |  |  | $1,833 |  |  |  | $2,061 |  |  |  | $— |  |  | $— |  |  |  | $9,896 |
740-799 | 2,351 |  |  | 1,341 |  |  | 463 |  |  | 612 |  |  | 776 |  |  | 977 |  |  | — |  | — |  |  | 6,520 |
680-739 | 596 |  |  | 408 |  |  | 193 |  |  | 207 |  |  | 317 |  |  | 500 |  |  | — |  | — |  |  | 2,221 |
620-679 | 101 |  |  | 97 |  |  | 44 |  |  | 51 |  |  | 69 |  |  | 235 |  |  | — |  | — |  |  | 597 |
<620 | 17 |  |  | 23 |  |  | 34 |  |  | 56 |  |  | 54 |  |  | 197 |  |  | — |  | — |  |  | 381 |
No FICO available(1) | 4 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 12 |  |  | — |  | — |  |  | 18 |
Total residential mortgages | 5,040 |  |  | 3,853 |  |  | 1,485 |  |  | 2,224 |  |  | 3,049 |  |  | 3,982 |  |  | — |  | — |  |  | 19,633 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 3 |  |  | 9 |  |  | 11 |  |  | 7 |  |  | 5 |  |  | 245 |  |  | 4,319 |  | 360 |  |  | 4,959 |
740-799 | 1 |  |  | 7 |  |  | 7 |  |  | 7 |  |  | 4 |  |  | 204 |  |  | 3,224 |  | 340 |  |  | 3,794 |
680-739 | — |  |  | 4 |  |  | 9 |  |  | 14 |  |  | 8 |  |  | 197 |  |  | 1,671 |  | 293 |  |  | 2,196 |
620-679 | — |  |  | 8 |  |  | 16 |  |  | 19 |  |  | 12 |  |  | 146 |  |  | 420 |  | 201 |  |  | 822 |
<620 | 1 |  |  | 15 |  |  | 27 |  |  | 30 |  |  | 18 |  |  | 129 |  |  | 117 |  | 213 |  |  | 550 |
No FICO available(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  | — |  |  | 1 |
Total home equity | 5 |  |  | 43 |  |  | 70 |  |  | 77 |  |  | 47 |  |  | 921 |  |  | 9,752 |  | 1,407 |  |  | 12,322 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 780 |  |  | 862 |  |  | 472 |  |  | 358 |  |  | 209 |  |  | 91 |  |  | — |  | — |  |  | 2,772 |
740-799 | 1,130 |  |  | 1,127 |  |  | 606 |  |  | 406 |  |  | 214 |  |  | 87 |  |  | — |  | — |  |  | 3,570 |
680-739 | 1,028 |  |  | 1,012 |  |  | 527 |  |  | 327 |  |  | 170 |  |  | 69 |  |  | — |  | — |  |  | 3,133 |
620-679 | 523 |  |  | 557 |  |  | 300 |  |  | 185 |  |  | 102 |  |  | 46 |  |  | — |  | — |  |  | 1,713 |
<620 | 90 |  |  | 245 |  |  | 202 |  |  | 157 |  |  | 96 |  |  | 48 |  |  | — |  | — |  |  | 838 |
No FICO available(1) | 1 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 7 |  |  | — |  | — |  |  | 9 |
Total automobile | 3,552 |  |  | 3,804 |  |  | 2,107 |  |  | 1,433 |  |  | 791 |  |  | 348 |  |  | — |  | — |  |  | 12,035 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,191 |  |  | 1,276 |  |  | 810 |  |  | 772 |  |  | 586 |  |  | 776 |  |  | — |  | — |  |  | 5,411 |
740-799 | 1,307 |  |  | 1,151 |  |  | 621 |  |  | 449 |  |  | 292 |  |  | 443 |  |  | — |  | — |  |  | 4,263 |
680-739 | 385 |  |  | 378 |  |  | 217 |  |  | 160 |  |  | 110 |  |  | 239 |  |  | — |  | — |  |  | 1,489 |
620-679 | 27 |  |  | 52 |  |  | 42 |  |  | 36 |  |  | 31 |  |  | 108 |  |  | — |  | — |  |  | 296 |
<620 | 2 |  |  | 7 |  |  | 13 |  |  | 14 |  |  | 12 |  |  | 56 |  |  | — |  | — |  |  | 104 |
No FICO available(1) | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62 |  |  | — |  | — |  |  | 68 |
Total education | 2,918 |  |  | 2,864 |  |  | 1,703 |  |  | 1,431 |  |  | 1,031 |  |  | 1,684 |  |  | — |  | — |  |  | 11,631 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 286 |  |  | 474 |  |  | 174 |  |  | 79 |  |  | 17 |  |  | 49 |  |  | 313 |  | — |  |  | 1,392 |
740-799 | 419 |  |  | 611 |  |  | 217 |  |  | 97 |  |  | 23 |  |  | 33 |  |  | 621 |  | 2 |  |  | 2,023 |
680-739 | 356 |  |  | 409 |  |  | 141 |  |  | 60 |  |  | 13 |  |  | 17 |  |  | 555 |  | 6 |  |  | 1,557 |
620-679 | 195 |  |  | 156 |  |  | 51 |  |  | 19 |  |  | 3 |  |  | 6 |  |  | 181 |  | 7 |  |  | 618 |
<620 | 18 |  |  | 45 |  |  | 24 |  |  | 9 |  |  | 2 |  |  | 4 |  |  | 81 |  | 9 |  |  | 192 |
No FICO available(1) | 36 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 267 |  | 2 |  |  | 306 |
Total other retail | 1,310 |  |  | 1,696 |  |  | 607 |  |  | 264 |  |  | 58 |  |  | 109 |  |  | 2,018 |  | 26 |  |  | 6,088 |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 4,231 |  |  | 4,604 |  |  | 2,218 |  |  | 2,513 |  |  | 2,650 |  |  | 3,222 |  |  | 4,632 |  | 360 |  |  | 24,430 |
740-799 | 5,208 |  |  | 4,237 |  |  | 1,914 |  |  | 1,571 |  |  | 1,309 |  |  | 1,744 |  |  | 3,845 |  | 342 |  |  | 20,170 |
680-739 | 2,365 |  |  | 2,211 |  |  | 1,087 |  |  | 768 |  |  | 618 |  |  | 1,022 |  |  | 2,226 |  | 299 |  |  | 10,596 |
620-679 | 846 |  |  | 870 |  |  | 453 |  |  | 310 |  |  | 217 |  |  | 541 |  |  | 601 |  | 208 |  |  | 4,046 |
<620 | 128 |  |  | 335 |  |  | 300 |  |  | 266 |  |  | 182 |  |  | 434 |  |  | 198 |  | 222 |  |  | 2,065 |
No FICO available(1) | 47 |  |  | 3 |  |  | — |  |  | 1 |  |  | — |  |  | 81 |  |  | 268 |  | 2 |  |  | 402 |
Total retail |  | $12,825 |  |  |  | $12,260 |  |  |  | $5,972 |  |  |  | $5,429 |  |  |  | $4,976 |  |  |  | $7,044 |  |  |  | $11,770 |  |  | $1,433 |  |  |  | $61,709 |
(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 September 30, 2020 |  | As of December 31, 2019
(in millions) | Nonaccrual loans and leases | 90+ days past due and accruing | Nonaccrual with no related ACL |  | Nonaccrual loans and leases
Commercial |  | $435 |  |  | $3 |  |  | $33 |  |  |  | $240 |
Commercial real estate | 323 |  | — |  | 3 |  |  | 2 |
Leases | 2 |  | — |  | — |  |  | 3 |
Total commercial loans and leases | 760 |  | 3 |  | 36 |  |  | 245 |
Residential mortgages | 131 |  | 17 |  | 101 |  |  | 93 |
Home equity | 265 |  | — |  | 192 |  |  | 246 |
Automobile | 80 |  | — |  | 18 |  |  | 67 |
Education | 16 |  | 2 |  | 5 |  |  | 18 |
Other retail | 25 |  | 6 |  | 1 |  |  | 34 |
Total retail | 517 |  | 25 |  | 317 |  |  | 458 |
Total loans and leases |  | $1,277 |  |  | $28 |  |  | $353 |  |  |  | $703 |
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:
| September 30, 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 |  | $44,845 |  |  | $105 |  |  | $129 |  |  | $106 |  |  | $45,185 |  |  |  | $41,340 |  |  | $45 |  |  | $27 |  |  | $67 |  |  | $41,479 |
Commercial real estate | 14,743 |  | 90 |  | — |  | 56 |  | 14,889 |  |  | 13,520 |  | 1 |  | 1 |  | — |  | 13,522 |
Leases | 2,284 |  | 1 |  | 1 |  | 2 |  | 2,288 |  |  | 2,498 |  | 37 |  | — |  | 2 |  | 2,537 |
Total commercial loans and leases | 61,872 |  | 196 |  | 130 |  | 164 |  | 62,362 |  |  | 57,358 |  | 83 |  | 28 |  | 69 |  | 57,538 |
Residential mortgages | 19,430 |  | 64 |  | 16 |  | 123 |  | 19,633 |  |  | 18,947 |  | 35 |  | 17 |  | 84 |  | 19,083 |
Home equity | 12,007 |  | 51 |  | 29 |  | 235 |  | 12,322 |  |  | 12,834 |  | 91 |  | 40 |  | 189 |  | 13,154 |
Automobile | 11,825 |  | 147 |  | 52 |  | 11 |  | 12,035 |  |  | 11,788 |  | 227 |  | 81 |  | 24 |  | 12,120 |
Education | 11,585 |  | 28 |  | 12 |  | 6 |  | 11,631 |  |  | 10,290 |  | 30 |  | 15 |  | 12 |  | 10,347 |
Other retail | 6,005 |  | 33 |  | 22 |  | 28 |  | 6,088 |  |  | 6,729 |  | 45 |  | 31 |  | 41 |  | 6,846 |
Total retail loans | 60,852 |  | 323 |  | 131 |  | 403 |  | 61,709 |  |  | 60,588 |  | 428 |  | 184 |  | 350 |  | 61,550 |
Total |  | $122,724 |  |  | $519 |  |  | $261 |  |  | $567 |  |  | $124,071 |  |  |  | $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) | September 30, 2020 |  | December 31, 2019
Commercial |  | $294 |  |  |  | $297 |
Retail | 715 |  |  | 667 |
Unfunded commitments related to TDRs | 49 |  |  | 42 |
The following tables below summarize how loans were modified during the three and nine months ended September 30, 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 September 30, 2020
| Primary Modification Types
| Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3)
(dollars in millions) | Number of Contracts | Recorded Investment |  | Number of Contracts | Recorded Investment |  | Number of Contracts | Recorded Investment
Commercial | — |  |  | $— |  |  | 12 |  |  | $103 |  |  | 2 |  |  | $1 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | — |  | — |  |  | 12 |  | 103 |  |  | 2 |  | 1 |
Residential mortgages | 47 |  | 9 |  |  | 41 |  | 6 |  |  | 19 |  | 4 |
Home equity | 23 |  | 2 |  |  | 52 |  | 4 |  |  | 104 |  | 6 |
Automobile | 25 |  | 1 |  |  | 47 |  | — |  |  | 1,119 |  | 18 |
Education | — |  | — |  |  | — |  | — |  |  | 140 |  | 3 |
Other retail | 410 |  | 1 |  |  | — |  | — |  |  | 74 |  | — |
Total retail loans | 505 |  | 13 |  |  | 140 |  | 10 |  |  | 1,456 |  | 31 |
Total | 505 |  |  | $13 |  |  | 152 |  |  | $113 |  |  | 1,458 |  |  | $32 |
| Three Months Ended September 30, 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 | 2 |  |  | $— |  |  | 6 |  |  | $1 |  |  | 6 |  |  | $15 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | 2 |  | — |  |  | 6 |  | 1 |  |  | 6 |  | 15 |
Residential mortgages | 12 |  | 2 |  |  | 8 |  | 2 |  |  | 25 |  | 4 |
Home equity | 63 |  | 6 |  |  | 16 |  | 1 |  |  | 120 |  | 6 |
Automobile | 46 |  | 1 |  |  | 4 |  | — |  |  | 309 |  | 4 |
Education | — |  | — |  |  | — |  | — |  |  | 131 |  | 2 |
Other retail | 805 |  | 5 |  |  | — |  | — |  |  | 218 |  | — |
Total retail loans | 926 |  | 14 |  |  | 28 |  | 3 |  |  | 803 |  | 16 |
Total | 928 |  |  | $14 |  |  | 34 |  |  | $4 |  |  | 809 |  |  | $31 |
| Nine Months Ended September 30, 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 | — |  |  | $— |  |  | 18 |  |  | $106 |  |  | 34 |  |  | $95 |
Commercial real estate | — |  | — |  |  | — |  | — |  |  | — |  | — |
Total commercial loans | — |  | — |  |  | 18 |  | 106 |  |  | 34 |  | 95 |
Residential mortgages | 139 |  | 26 |  |  | 149 |  | 27 |  |  | 60 |  | 11 |
Home equity | 96 |  | 8 |  |  | 107 |  | 8 |  |  | 365 |  | 21 |
Automobile | 108 |  | 2 |  |  | 48 |  | — |  |  | 2,212 |  | 35 |
Education | — |  | — |  |  | — |  | — |  |  | 373 |  | 9 |
Other retail | 1,916 |  | 8 |  |  | — |  | — |  |  | 251 |  | 2 |
Total retail loans | 2,259 |  | 44 |  |  | 304 |  | 35 |  |  | 3,261 |  | 78 |
Total | 2,259 |  |  | $44 |  |  | 322 |  |  | $141 |  |  | 3,295 |  |  | $173 |
| Nine Months Ended September 30, 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 | 3 |  |  | $— |  |  | 18 |  |  | $2 |  |  | 24 |  |  | $102 |
Commercial real estate | — |  | — |  |  | 1 |  | — |  |  | — |  | — |
Total commercial loans | 3 |  | — |  |  | 19 |  | 2 |  |  | 24 |  | 102 |
Residential mortgages | 25 |  | 6 |  |  | 29 |  | 5 |  |  | 87 |  | 13 |
Home equity | 148 |  | 15 |  |  | 66 |  | 10 |  |  | 358 |  | 21 |
Automobile | 111 |  | 2 |  |  | 16 |  | — |  |  | 933 |  | 13 |
Education | — |  | — |  |  | — |  | — |  |  | 211 |  | 5 |
Other retail | 2,362 |  | 14 |  |  | — |  | — |  |  | 362 |  | — |
Total retail loans | 2,646 |  | 37 |  |  | 111 |  | 15 |  |  | 1,951 |  | 52 |
Total | 2,649 |  |  | $37 |  |  | 130 |  |  | $17 |  |  | 1,975 |  |  | $154 |
(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:
| September 30, 2020
(in millions) | Residential Mortgages |  | Home Equity |  | Other Retail |  | Total |
High loan-to-value |  | $408 |  |  | $95 |  |  | $— |  |  | $503 |
Interest-only/negative amortization | 2,594 |  | — |  | — |  | 2,594 |
Low introductory rate | — |  | — |  | 183 |  | 183 |
Multiple characteristics and other | 4 |  | — |  | — |  | 4 |
Total |  | $3,006 |  |  | $95 |  |  | $183 |  |  | $3,284 |
| 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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