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ALLOWANCE FOR CREDIT LOSSES, NONACCRUAL LOANS AND LEASES, AND CONCENTRATIONS OF CREDIT RISK (Tables) | 12 Months Ended
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Dec. 31, 2021
Receivables [Abstract] |
Schedule of changes in the allowance for credit losses | The following table presents a summary of changes in the ALLL and the allowance for unfunded lending commitments for the year ended December 31, 2021:
| Year Ended December 31, 2021
(in millions) | Commercial | Retail | Total
Allowance for loan and lease losses, beginning of period | $1,233 |  | $1,210 |  | $2,443 |
Charge-offs | (218) |  | (321) |  | (539) |
Recoveries | 54 |  | 160 |  | 214 |
Net charge-offs | (164) |  | (161) |  | (325) |
Provision expense (benefit) for loans and leases | (248) |  | (112) |  | (360) |
Allowance for loan and lease losses, end of period | 821 |  | 937 |  | 1,758 |
Allowance for unfunded lending commitments, beginning of period | 186 |  | 41 |  | 227 |
Provision expense (benefit) for unfunded lending commitments | (33) |  | (18) |  | (51) |
Allowance for unfunded lending commitments, end of period | 153 |  | 23 |  | 176 |
Total allowance for credit losses, end of period | $974 |  | $960 |  | $1,934 |
The difference in the ending ACL balance of $1.9 billion at December 31, 2021 compared to $2.7 billion at December 31, 2020 was due to net charge-offs of $325 million and a credit provision benefit of $411 million driven by strong credit performance across the retail and commercial loan portfolios, and improvement in the macroeconomic outlook. The decrease in commercial net charge-offs of $261 million in the year ended December 31, 2021 as compared to the year ended December 31, 2020 reflects the economic recovery following the onset of the COVID-19 pandemic and associated lockdowns. Retail net charge-offs were down $107 million in the year ended December 31, 2021 as compared to the year ended December 31, 2020 as a result of government stimulus and forbearance programs as well as strong collateral values in residential real estate and automobile. To determine the ACL as of December 31, 2021, Citizens utilized an economic forecast that generally reflects real GDP growth of approximately 1.3% over 2022 and projects the unemployment rate to be in the range of 5.2% to 6.6% throughout 2022. This forecast reflects an overall improved macroeconomic outlook as compared to December 31, 2020, which reflected real GDP growth of approximately 4% over 2021 and unemployment in the range of approximately 7% to 7.5% throughout 2021. While the U.S. economy has continued to improve, with the benefits of vaccination and herd resiliency muting, in part, the ongoing impact of the COVID-19 pandemic, uncertainty remains. We continue to utilize our qualitative allowance framework to reassess and adjust ACL reserve levels. Macroeconomic forecast risk, driven by uncertainty around and volatility of key macroeconomic variables, is one of the primary factors influencing our qualitative reserve. As the economic recovery has continued, we have assessed risks to the recovery, including potential for continuing impacts from COVID-19 variants, challenges in the global supply chain, inflationary trends, potential impacts from ending monetary and fiscal stimulus programs, and potential for longer-term changes in workforce and consumer behaviors. Citizens continued to apply management judgment to adjust the modeled reserves in the commercial industry sectors most impacted by the COVID-19 pandemic, including CRE office. The following tables present a summary of changes in the ALLL and the allowance for unfunded lending commitments for the years ended December 31, 2020 and 2019:
| Year Ended December 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 | (437) |  | (406) |  | (843) |
Recoveries | 12 |  | 138 |  | 150 |
Net charge-offs | (425) |  | (268) |  | (693) |
Provision expense (benefit) for loans and leases | 1,160 |  | 271 |  | 1,431 |
Allowance for loan and lease losses, end of period | 1,233 |  | 1,210 |  | 2,443 |
Allowance for unfunded lending commitments, beginning of period | 44 |  | — |  | 44 |
Cumulative effect of change in accounting principle | (3) |  | 1 |  | (2) |
Allowance for unfunded lending commitments, beginning of period, adjusted | 41 |  | 1 |  | 42 |
Provision expense (benefit) for unfunded lending commitments | 145 |  | 40 |  | 185 |
Allowance for unfunded lending commitments, end of period | 186 |  | 41 |  | 227 |
Total allowance for credit losses, end of period | $1,419 |  | $1,251 |  | $2,670 |
| Year Ended December 31, 2019
(in millions) | Commercial | Retail | Total
Allowance for loan and lease losses, beginning of period | $690 |  | $552 |  | $1,242 |
Charge-offs | (140) |  | (475) |  | (615) |
Recoveries | 24 |  | 161 |  | 185 |
Net charge-offs | (116) |  | (314) |  | (430) |
Provision expense (benefit) for loans and leases | 100 |  | 340 |  | 440 |
Allowance for loan and lease losses, end of period | 674 |  | 578 |  | 1,252 |
Allowance for unfunded lending commitments, beginning of period | 91 |  | — |  | 91 |
Provision expense (benefit) for unfunded lending commitments | (47) |  | — |  | (47) |
Allowance for unfunded lending commitments, end of period | 44 |  | — |  | 44 |
Total allowance for credit losses, end of period | $718 |  | $578 |  | $1,296 |
Schedule of loans that may increase credit exposure | The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 31, 2021:
| Term Loans by Origination Year |  | Revolving Loans |  |
(in millions) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior to 2017 |  | Within the Revolving Period | Converted to Term |  | Total
Commercial and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass(1) | $10,218 |  |  | $3,336 |  |  | $3,599 |  |  | $2,284 |  |  | $1,426 |  |  | $1,863 |  |  | $19,406 |  | $122 |  |  | $42,254 |
Special Mention | 47 |  |  | 71 |  |  | 155 |  |  | 114 |  |  | 41 |  |  | 64 |  |  | 316 |  | 1 |  |  | 809 |
Substandard | 97 |  |  | 112 |  |  | 215 |  |  | 81 |  |  | 50 |  |  | 201 |  |  | 521 |  | 17 |  |  | 1,294 |
Doubtful | 1 |  |  | 9 |  |  | 9 |  |  | 22 |  |  | 10 |  |  | 16 |  |  | 74 |  | 2 |  |  | 143 |
Total commercial and industrial | 10,363 |  |  | 3,528 |  |  | 3,978 |  |  | 2,501 |  |  | 1,527 |  |  | 2,144 |  |  | 20,317 |  | 142 |  |  | 44,500 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 2,766 |  |  | 2,417 |  |  | 3,181 |  |  | 1,756 |  |  | 626 |  |  | 1,119 |  |  | 1,451 |  | 3 |  |  | 13,319 |
Special Mention | 45 |  |  | 42 |  |  | 113 |  |  | 100 |  |  | 27 |  |  | 79 |  |  | — |  | — |  |  | 406 |
Substandard | 27 |  |  | — |  |  | 88 |  |  | 267 |  |  | 78 |  |  | 59 |  |  | 9 |  | — |  |  | 528 |
Doubtful | 1 |  |  | 9 |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 11 |
Total commercial real estate | 2,839 |  |  | 2,468 |  |  | 3,382 |  |  | 2,123 |  |  | 731 |  |  | 1,258 |  |  | 1,460 |  | 3 |  |  | 14,264 |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 447 |  |  | 262 |  |  | 134 |  |  | 144 |  |  | 66 |  |  | 459 |  |  | — |  | — |  |  | 1,512 |
Special Mention | 10 |  |  | 15 |  |  | — |  |  | 5 |  |  | 3 |  |  | 16 |  |  | — |  | — |  |  | 49 |
Substandard | 1 |  |  | 16 |  |  | 5 |  |  | 2 |  |  | — |  |  | — |  |  | — |  | — |  |  | 24 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Total leases | 458 |  |  | 293 |  |  | 139 |  |  | 151 |  |  | 69 |  |  | 476 |  |  | — |  | — |  |  | 1,586 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass(1) | 13,431 |  |  | 6,015 |  |  | 6,914 |  |  | 4,184 |  |  | 2,118 |  |  | 3,441 |  |  | 20,857 |  | 125 |  |  | 57,085 |
Special Mention | 102 |  |  | 128 |  |  | 268 |  |  | 219 |  |  | 71 |  |  | 159 |  |  | 316 |  | 1 |  |  | 1,264 |
Substandard | 125 |  |  | 128 |  |  | 308 |  |  | 350 |  |  | 128 |  |  | 260 |  |  | 530 |  | 17 |  |  | 1,846 |
Doubtful | 2 |  |  | 18 |  |  | 9 |  |  | 22 |  |  | 10 |  |  | 18 |  |  | 74 |  | 2 |  |  | 155 |
Total commercial | $13,660 |  |  | $6,289 |  |  | $7,499 |  |  | $4,775 |  |  | $2,327 |  |  | $3,878 |  |  | $21,777 |  | $145 |  |  | $60,350 |
(1) Includes $787 million of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2021 and 2020. The following table presents the amortized cost basis of commercial loans and leases, by vintage date and regulatory classification rating, as of December 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 and industrial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass(1) | $8,036 |  |  | $5,730 |  |  | $4,180 |  |  | $2,174 |  |  | $1,157 |  |  | $1,980 |  |  | $17,281 |  | $340 |  |  | $40,878 |
Special Mention | 34 |  |  | 264 |  |  | 163 |  |  | 84 |  |  | 60 |  |  | 173 |  |  | 771 |  | 34 |  |  | 1,583 |
Substandard | 91 |  |  | 195 |  |  | 248 |  |  | 100 |  |  | 81 |  |  | 127 |  |  | 600 |  | 22 |  |  | 1,464 |
Doubtful | 65 |  |  | 10 |  |  | 34 |  |  | 38 |  |  | 3 |  |  | 31 |  |  | 63 |  | 4 |  |  | 248 |
Total commercial and industrial | 8,226 |  |  | 6,199 |  |  | 4,625 |  |  | 2,396 |  |  | 1,301 |  |  | 2,311 |  |  | 18,715 |  | 400 |  |  | 44,173 |
Commercial real estate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 1,848 |  |  | 2,836 |  |  | 2,810 |  |  | 1,106 |  |  | 566 |  |  | 919 |  |  | 3,271 |  | — |  |  | 13,356 |
Special Mention | 19 |  |  | 130 |  |  | 121 |  |  | 92 |  |  | 94 |  |  | 48 |  |  | 300 |  | — |  |  | 804 |
Substandard | 116 |  |  | 2 |  |  | 65 |  |  | 5 |  |  | 53 |  |  | 26 |  |  | 149 |  | — |  |  | 416 |
Doubtful | 16 |  |  | 26 |  |  | 8 |  |  | — |  |  | — |  |  | 2 |  |  | 24 |  | — |  |  | 76 |
Total commercial real estate | 1,999 |  |  | 2,994 |  |  | 3,004 |  |  | 1,203 |  |  | 713 |  |  | 995 |  |  | 3,744 |  | — |  |  | 14,652 |
Leases |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass | 455 |  |  | 246 |  |  | 229 |  |  | 139 |  |  | 180 |  |  | 673 |  |  | — |  | — |  |  | 1,922 |
Special Mention | 3 |  |  | 4 |  |  | 2 |  |  | 4 |  |  | 2 |  |  | 18 |  |  | — |  | — |  |  | 33 |
Substandard | — |  |  | 2 |  |  | 2 |  |  | 4 |  |  | 4 |  |  | — |  |  | — |  | — |  |  | 12 |
Doubtful | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  | — |  |  | 1 |
Total leases | 458 |  |  | 252 |  |  | 233 |  |  | 147 |  |  | 186 |  |  | 692 |  |  | — |  | — |  |  | 1,968 |
Total commercial |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pass(1) | 10,339 |  |  | 8,812 |  |  | 7,219 |  |  | 3,419 |  |  | 1,903 |  |  | 3,572 |  |  | 20,552 |  | 340 |  |  | 56,156 |
Special Mention | 56 |  |  | 398 |  |  | 286 |  |  | 180 |  |  | 156 |  |  | 239 |  |  | 1,071 |  | 34 |  |  | 2,420 |
Substandard | 207 |  |  | 199 |  |  | 315 |  |  | 109 |  |  | 138 |  |  | 153 |  |  | 749 |  | 22 |  |  | 1,892 |
Doubtful | 81 |  |  | 36 |  |  | 42 |  |  | 38 |  |  | 3 |  |  | 34 |  |  | 87 |  | 4 |  |  | 325 |
Total commercial | $10,683 |  |  | $9,445 |  |  | $7,862 |  |  | $3,746 |  |  | $2,200 |  |  | $3,998 |  |  | $22,459 |  | $400 |  |  | $60,793 |
(1) Includes $4.2 billion of PPP loans designated as pass that are fully guaranteed by the SBA originating in 2020. For retail loans, Citizens utilizes FICO credit scores and the loan’s payment and delinquency status to monitor credit quality. Management believes FICO scores are the strongest indicator of credit losses over the contractual life of the loan and assist management in predicting the borrower’s future payment performance. Scores are based on current and historical national industry-wide consumer level credit performance data. The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of December 31, 2021:
| Term Loans by Origination Year |  | Revolving Loans |  |
(in millions) | 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior to 2017 |  | Within the Revolving Period | Converted to Term |  | Total
Residential mortgages |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | $2,431 |  |  | $3,017 |  |  | $1,230 |  |  | $342 |  |  | $672 |  |  | $2,139 |  |  | $— |  | $— |  |  | $9,831 |
740-799 | 4,015 |  |  | 1,876 |  |  | 746 |  |  | 246 |  |  | 360 |  |  | 1,086 |  |  | — |  | — |  |  | 8,329 |
680-739 | 1,116 |  |  | 572 |  |  | 335 |  |  | 152 |  |  | 172 |  |  | 585 |  |  | — |  | — |  |  | 2,932 |
620-679 | 111 |  |  | 130 |  |  | 161 |  |  | 93 |  |  | 107 |  |  | 276 |  |  | — |  | — |  |  | 878 |
<620 | 24 |  |  | 66 |  |  | 164 |  |  | 162 |  |  | 157 |  |  | 257 |  |  | — |  | — |  |  | 830 |
No FICO available(1) | 3 |  |  | 8 |  |  | 1 |  |  | — |  |  | — |  |  | 10 |  |  | — |  | — |  |  | 22 |
Total residential mortgages | 7,700 |  |  | 5,669 |  |  | 2,637 |  |  | 995 |  |  | 1,468 |  |  | 4,353 |  |  | — |  | — |  |  | 22,822 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | — |  |  | 2 |  |  | 5 |  |  | 5 |  |  | 3 |  |  | 134 |  |  | 4,394 |  | 281 |  |  | 4,824 |
740-799 | — |  |  | 1 |  |  | 4 |  |  | 5 |  |  | 7 |  |  | 122 |  |  | 3,514 |  | 278 |  |  | 3,931 |
680-739 | — |  |  | 1 |  |  | 7 |  |  | 14 |  |  | 16 |  |  | 134 |  |  | 1,738 |  | 243 |  |  | 2,153 |
620-679 | — |  |  | 3 |  |  | 11 |  |  | 19 |  |  | 17 |  |  | 112 |  |  | 363 |  | 167 |  |  | 692 |
<620 | — |  |  | 2 |  |  | 16 |  |  | 23 |  |  | 20 |  |  | 87 |  |  | 91 |  | 176 |  |  | 415 |
Total home equity | — |  |  | 9 |  |  | 43 |  |  | 66 |  |  | 63 |  |  | 589 |  |  | 10,100 |  | 1,145 |  |  | 12,015 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,887 |  |  | 829 |  |  | 538 |  |  | 244 |  |  | 148 |  |  | 57 |  |  | — |  | — |  |  | 3,703 |
740-799 | 2,418 |  |  | 1,051 |  |  | 615 |  |  | 288 |  |  | 156 |  |  | 58 |  |  | — |  | — |  |  | 4,586 |
680-739 | 1,968 |  |  | 827 |  |  | 500 |  |  | 234 |  |  | 123 |  |  | 48 |  |  | — |  | — |  |  | 3,700 |
620-679 | 1,029 |  |  | 378 |  |  | 257 |  |  | 131 |  |  | 72 |  |  | 32 |  |  | — |  | — |  |  | 1,899 |
<620 | 164 |  |  | 142 |  |  | 155 |  |  | 103 |  |  | 62 |  |  | 32 |  |  | — |  | — |  |  | 658 |
No FICO available(1) | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  | — |  |  | 3 |
Total automobile | 7,469 |  |  | 3,227 |  |  | 2,065 |  |  | 1,000 |  |  | 561 |  |  | 227 |  |  | — |  | — |  |  | 14,549 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,361 |  |  | 1,771 |  |  | 840 |  |  | 514 |  |  | 470 |  |  | 880 |  |  | — |  | — |  |  | 5,836 |
740-799 | 1,555 |  |  | 1,577 |  |  | 672 |  |  | 371 |  |  | 275 |  |  | 514 |  |  | — |  | — |  |  | 4,964 |
680-739 | 512 |  |  | 474 |  |  | 229 |  |  | 140 |  |  | 107 |  |  | 262 |  |  | — |  | — |  |  | 1,724 |
620-679 | 50 |  |  | 66 |  |  | 45 |  |  | 34 |  |  | 28 |  |  | 99 |  |  | — |  | — |  |  | 322 |
<620 | 5 |  |  | 11 |  |  | 12 |  |  | 12 |  |  | 10 |  |  | 45 |  |  | — |  | — |  |  | 95 |
No FICO available(1) | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 52 |  |  | — |  | — |  |  | 56 |
Total education | 3,487 |  |  | 3,899 |  |  | 1,798 |  |  | 1,071 |  |  | 890 |  |  | 1,852 |  |  | — |  | — |  |  | 12,997 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 233 |  |  | 214 |  |  | 122 |  |  | 65 |  |  | 30 |  |  | 29 |  |  | 386 |  | — |  |  | 1,079 |
740-799 | 323 |  |  | 296 |  |  | 173 |  |  | 84 |  |  | 38 |  |  | 26 |  |  | 764 |  | 2 |  |  | 1,706 |
680-739 | 246 |  |  | 240 |  |  | 122 |  |  | 56 |  |  | 23 |  |  | 12 |  |  | 709 |  | 5 |  |  | 1,413 |
620-679 | 149 |  |  | 119 |  |  | 43 |  |  | 19 |  |  | 7 |  |  | 4 |  |  | 299 |  | 5 |  |  | 645 |
<620 | 32 |  |  | 37 |  |  | 17 |  |  | 10 |  |  | 3 |  |  | 2 |  |  | 100 |  | 6 |  |  | 207 |
No FICO available(1) | 44 |  |  | 5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 330 |  | 1 |  |  | 380 |
Total other retail | 1,027 |  |  | 911 |  |  | 477 |  |  | 234 |  |  | 101 |  |  | 73 |  |  | 2,588 |  | 19 |  |  | 5,430 |
Retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 5,912 |  |  | 5,833 |  |  | 2,735 |  |  | 1,170 |  |  | 1,323 |  |  | 3,239 |  |  | 4,780 |  | 281 |  |  | 25,273 |
740-799 | 8,311 |  |  | 4,801 |  |  | 2,210 |  |  | 994 |  |  | 836 |  |  | 1,806 |  |  | 4,278 |  | 280 |  |  | 23,516 |
680-739 | 3,842 |  |  | 2,114 |  |  | 1,193 |  |  | 596 |  |  | 441 |  |  | 1,041 |  |  | 2,447 |  | 248 |  |  | 11,922 |
620-679 | 1,339 |  |  | 696 |  |  | 517 |  |  | 296 |  |  | 231 |  |  | 523 |  |  | 662 |  | 172 |  |  | 4,436 |
<620 | 225 |  |  | 258 |  |  | 364 |  |  | 310 |  |  | 252 |  |  | 423 |  |  | 191 |  | 182 |  |  | 2,205 |
No FICO available(1) | 54 |  |  | 13 |  |  | 1 |  |  | — |  |  | — |  |  | 62 |  |  | 330 |  | 1 |  |  | 461 |
Total retail | $19,683 |  |  | $13,715 |  |  | $7,020 |  |  | $3,366 |  |  | $3,083 |  |  | $7,094 |  |  | $12,688 |  | $1,164 |  |  | $67,813 |
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes). The following table presents the amortized cost basis of retail loans, by vintage date and FICO scores, as of December 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+ | $2,687 |  |  | $1,885 |  |  | $638 |  |  | $1,129 |  |  | $1,615 |  |  | $1,755 |  |  | $— |  | $— |  |  | $9,709 |
740-799 | 2,931 |  |  | 1,133 |  |  | 398 |  |  | 527 |  |  | 743 |  |  | 904 |  |  | — |  | — |  |  | 6,636 |
680-739 | 784 |  |  | 351 |  |  | 162 |  |  | 172 |  |  | 295 |  |  | 458 |  |  | — |  | — |  |  | 2,222 |
620-679 | 97 |  |  | 94 |  |  | 44 |  |  | 56 |  |  | 66 |  |  | 223 |  |  | — |  | — |  |  | 580 |
<620 | 12 |  |  | 28 |  |  | 35 |  |  | 58 |  |  | 50 |  |  | 185 |  |  | — |  | — |  |  | 368 |
No FICO available(1) | 1 |  |  | 2 |  |  | 1 |  |  | 5 |  |  | 1 |  |  | 14 |  |  | — |  | — |  |  | 24 |
Total residential mortgages | 6,512 |  |  | 3,493 |  |  | 1,278 |  |  | 1,947 |  |  | 2,770 |  |  | 3,539 |  |  | — |  | — |  |  | 19,539 |
Home equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 2 |  |  | 8 |  |  | 10 |  |  | 7 |  |  | 5 |  |  | 216 |  |  | 4,319 |  | 344 |  |  | 4,911 |
740-799 | 2 |  |  | 6 |  |  | 7 |  |  | 6 |  |  | 5 |  |  | 180 |  |  | 3,234 |  | 331 |  |  | 3,771 |
680-739 | 1 |  |  | 6 |  |  | 10 |  |  | 15 |  |  | 8 |  |  | 179 |  |  | 1,632 |  | 284 |  |  | 2,135 |
620-679 | — |  |  | 10 |  |  | 18 |  |  | 21 |  |  | 14 |  |  | 136 |  |  | 402 |  | 195 |  |  | 796 |
<620 | 1 |  |  | 17 |  |  | 30 |  |  | 29 |  |  | 18 |  |  | 122 |  |  | 105 |  | 214 |  |  | 536 |
Total home equity | 6 |  |  | 47 |  |  | 75 |  |  | 78 |  |  | 50 |  |  | 833 |  |  | 9,692 |  | 1,368 |  |  | 12,149 |
Automobile |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,056 |  |  | 812 |  |  | 424 |  |  | 312 |  |  | 169 |  |  | 62 |  |  | — |  | — |  |  | 2,835 |
740-799 | 1,514 |  |  | 1,022 |  |  | 531 |  |  | 344 |  |  | 172 |  |  | 59 |  |  | — |  | — |  |  | 3,642 |
680-739 | 1,347 |  |  | 889 |  |  | 461 |  |  | 282 |  |  | 138 |  |  | 47 |  |  | — |  | — |  |  | 3,164 |
620-679 | 669 |  |  | 484 |  |  | 259 |  |  | 157 |  |  | 84 |  |  | 32 |  |  | — |  | — |  |  | 1,685 |
<620 | 140 |  |  | 242 |  |  | 189 |  |  | 137 |  |  | 79 |  |  | 34 |  |  | — |  | — |  |  | 821 |
No FICO available(1) | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  | — |  |  | 6 |
Total automobile | 4,728 |  |  | 3,449 |  |  | 1,864 |  |  | 1,232 |  |  | 642 |  |  | 238 |  |  | — |  | — |  |  | 12,153 |
Education |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 1,817 |  |  | 1,363 |  |  | 849 |  |  | 781 |  |  | 578 |  |  | 777 |  |  | — |  | — |  |  | 6,165 |
740-799 | 1,797 |  |  | 1,009 |  |  | 541 |  |  | 387 |  |  | 251 |  |  | 423 |  |  | — |  | — |  |  | 4,408 |
680-739 | 450 |  |  | 294 |  |  | 173 |  |  | 127 |  |  | 90 |  |  | 221 |  |  | — |  | — |  |  | 1,355 |
620-679 | 26 |  |  | 35 |  |  | 33 |  |  | 28 |  |  | 25 |  |  | 95 |  |  | — |  | — |  |  | 242 |
<620 | 2 |  |  | 5 |  |  | 10 |  |  | 10 |  |  | 8 |  |  | 41 |  |  | — |  | — |  |  | 76 |
No FICO available(1) | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 60 |  |  | — |  | — |  |  | 62 |
Total education | 4,094 |  |  | 2,706 |  |  | 1,606 |  |  | 1,333 |  |  | 952 |  |  | 1,617 |  |  | — |  | — |  |  | 12,308 |
Other retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 461 |  |  | 380 |  |  | 163 |  |  | 77 |  |  | 15 |  |  | 44 |  |  | 341 |  | — |  |  | 1,481 |
740-799 | 620 |  |  | 460 |  |  | 184 |  |  | 81 |  |  | 19 |  |  | 31 |  |  | 638 |  | 2 |  |  | 2,035 |
680-739 | 495 |  |  | 302 |  |  | 111 |  |  | 48 |  |  | 10 |  |  | 13 |  |  | 561 |  | 5 |  |  | 1,545 |
620-679 | 248 |  |  | 104 |  |  | 37 |  |  | 14 |  |  | 3 |  |  | 5 |  |  | 174 |  | 7 |  |  | 592 |
<620 | 24 |  |  | 30 |  |  | 17 |  |  | 6 |  |  | 1 |  |  | 3 |  |  | 77 |  | 8 |  |  | 166 |
No FICO available(1) | 54 |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 272 |  | 2 |  |  | 329 |
Total other retail | 1,902 |  |  | 1,277 |  |  | 512 |  |  | 226 |  |  | 48 |  |  | 96 |  |  | 2,063 |  | 24 |  |  | 6,148 |
Total retail |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
800+ | 6,023 |  |  | 4,448 |  |  | 2,084 |  |  | 2,306 |  |  | 2,382 |  |  | 2,854 |  |  | 4,660 |  | 344 |  |  | 25,101 |
740-799 | 6,864 |  |  | 3,630 |  |  | 1,661 |  |  | 1,345 |  |  | 1,190 |  |  | 1,597 |  |  | 3,872 |  | 333 |  |  | 20,492 |
680-739 | 3,077 |  |  | 1,842 |  |  | 917 |  |  | 644 |  |  | 541 |  |  | 918 |  |  | 2,193 |  | 289 |  |  | 10,421 |
620-679 | 1,040 |  |  | 727 |  |  | 391 |  |  | 276 |  |  | 192 |  |  | 491 |  |  | 576 |  | 202 |  |  | 3,895 |
<620 | 179 |  |  | 322 |  |  | 281 |  |  | 240 |  |  | 156 |  |  | 385 |  |  | 182 |  | 222 |  |  | 1,967 |
No FICO available(1) | 59 |  |  | 3 |  |  | 1 |  |  | 5 |  |  | 1 |  |  | 78 |  |  | 272 |  | 2 |  |  | 421 |
Total retail | $17,242 |  |  | $10,972 |  |  | $5,335 |  |  | $4,816 |  |  | $4,462 |  |  | $6,323 |  |  | $11,755 |  | $1,392 |  |  | $62,297 |
(1) Represents loans for which an updated FICO score was unavailable (e.g., due to recent profile changes).
Schedule of nonperforming loans and leases by class | The following tables present an aging analysis of accruing loans and leases, and nonaccrual loans and leases as of December 31, 2021 and 2020:
| December 31, 2021
|  | Days Past Due and Accruing |  |  |
(in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual(2) | Total | Nonaccrual with no related ACL
Commercial and industrial | $44,247 |  | $47 |  | $26 |  | $9 |  | $171 |  | $44,500 |  | $36 |
Commercial real estate | 14,247 |  | 6 |  | — |  | — |  | 11 |  | 14,264 |  | 1 |
Leases | 1,570 |  | 14 |  | 1 |  | — |  | 1 |  | 1,586 |  | — |
Total commercial | 60,064 |  | 67 |  | 27 |  | 9 |  | 183 |  | 60,350 |  | 37 |
Residential mortgages(1) | 21,918 |  | 102 |  | 52 |  | 549 |  | 201 |  | 22,822 |  | 137 |
Home equity | 11,745 |  | 38 |  | 12 |  | — |  | 220 |  | 12,015 |  | 186 |
Automobile | 14,324 |  | 131 |  | 39 |  | — |  | 55 |  | 14,549 |  | 22 |
Education | 12,926 |  | 34 |  | 13 |  | 1 |  | 23 |  | 12,997 |  | 2 |
Other retail | 5,331 |  | 40 |  | 23 |  | 16 |  | 20 |  | 5,430 |  | 2 |
Total retail | 66,244 |  | 345 |  | 139 |  | 566 |  | 519 |  | 67,813 |  | 349 |
Total | $126,308 |  | $412 |  | $166 |  | $575 |  | $702 |  | $128,163 |  | $386 |
| December 31, 2020
|  | Days Past Due and Accruing |  |  |
(in millions) | Current | 30-59 | 60-89 | 90+ | Nonaccrual(2) | Total | Nonaccrual with no related ACL
Commercial and industrial | $43,666 |  | $198 |  | $9 |  | $20 |  | $280 |  | $44,173 |  | $56 |
Commercial real estate | 14,475 |  | 1 |  | — |  | — |  | 176 |  | 14,652 |  | 2 |
Leases | 1,956 |  | 9 |  | — |  | 1 |  | 2 |  | 1,968 |  | — |
Total commercial | 60,097 |  | 208 |  | 9 |  | 21 |  | 458 |  | 60,793 |  | 58 |
Residential mortgages(1) | 19,272 |  | 55 |  | 15 |  | 30 |  | 167 |  | 19,539 |  | 96 |
Home equity | 11,799 |  | 54 |  | 20 |  | — |  | 276 |  | 12,149 |  | 207 |
Automobile | 11,870 |  | 157 |  | 54 |  | — |  | 72 |  | 12,153 |  | 17 |
Education | 12,245 |  | 31 |  | 12 |  | 2 |  | 18 |  | 12,308 |  | 2 |
Other retail | 6,045 |  | 39 |  | 28 |  | 8 |  | 28 |  | 6,148 |  | — |
Total retail | 61,231 |  | 336 |  | 129 |  | 40 |  | 561 |  | 62,297 |  | 322 |
Total | $121,328 |  | $544 |  | $138 |  | $61 |  | $1,019 |  | $123,090 |  | $380 |
(1) 90+ days past due and accruing includes $544 million and $21 million of loans fully or partially guaranteed by the FHA, VA and USDA at December 31, 2021 and 2020, respectively. (2) Beginning in 2021, nonaccrual loans and leases are no longer aged relative to their delinquency status. Prior period has been adjusted to conform with the current period presentation.
Troubled debt restructurings on financing receivables | The following tables summarize loans modified during the years ended December 31, 2021, 2020 and 2019. The balances represent the post-modification outstanding amortized cost basis and may include loans that became TDRs during the period and were subsequently paid off in full, charged off, or sold prior to period end. Pre-modification balances for modified loans approximate the post-modification balances shown.
|  |  |  | December 31, 2021
|  |  |  | Amortized Cost Basis
(dollars in millions) | Number of Contracts |  |  | Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3) | Total
Commercial and industrial | 44 |  |  |  | $— |  |  |  | $44 |  |  |  | $123 |  |  | $167 |
Total commercial | 44 |  |  |  | — |  |  |  | 44 |  |  |  | 123 |  |  | 167 |
Residential mortgages | 922 |  |  |  | 21 |  |  |  | 137 |  |  |  | 60 |  |  | 218 |
Home equity | 412 |  |  |  | 5 |  |  |  | 11 |  |  |  | 13 |  |  | 29 |
Automobile | 1,463 |  |  |  | 2 |  |  |  | — |  |  |  | 15 |  |  | 17 |
Education | 807 |  |  |  | — |  |  |  | — |  |  |  | 26 |  |  | 26 |
Other retail | 2,291 |  |  |  | 9 |  |  |  | — |  |  |  | 2 |  |  | 11 |
Total retail | 5,895 |  |  |  | 37 |  |  |  | 148 |  |  |  | 116 |  |  | 301 |
Total | 5,939 |  |  |  | $37 |  |  |  | $192 |  |  |  | $239 |  |  | $468 |
|  |  |  | December 31, 2020
|  |  |  | Amortized Cost Basis
(dollars in millions) | Number of Contracts |  |  | Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3) | Total
Commercial and industrial | 70 |  |  |  | $— |  |  |  | $107 |  |  |  | $325 |  |  | $432 |
Commercial real estate | 1 |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  | 7 |
Total commercial | 71 |  |  |  | — |  |  |  | 114 |  |  |  | 325 |  |  | 439 |
Residential mortgages | 473 |  |  |  | 39 |  |  |  | 34 |  |  |  | 13 |  |  | 86 |
Home equity | 723 |  |  |  | 12 |  |  |  | 12 |  |  |  | 23 |  |  | 47 |
Automobile | 3,236 |  |  |  | 2 |  |  |  | 1 |  |  |  | 47 |  |  | 50 |
Education | 465 |  |  |  | — |  |  |  | — |  |  |  | 10 |  |  | 10 |
Other retail | 2,591 |  |  |  | 10 |  |  |  | — |  |  |  | 2 |  |  | 12 |
Total retail | 7,488 |  |  |  | 63 |  |  |  | 47 |  |  |  | 95 |  |  | 205 |
Total | 7,559 |  |  |  | $63 |  |  |  | $161 |  |  |  | $420 |  |  | $644 |
|  |  |  | December 31, 2019 |
|  |  |  | Amortized Cost Basis |
(dollars in millions) | Number of Contracts |  |  | Interest Rate Reduction(1) |  | Maturity Extension(2) |  | Other(3) | Total |
Commercial and industrial | 85 |  |  |  | $— |  |  |  | $5 |  |  |  | $210 |  |  | $215 |  |
Commercial real estate | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |
Total commercial | 86 |  |  |  | — |  |  |  | 5 |  |  |  | 210 |  |  | 215 |  |
Residential mortgages | 242 |  |  |  | 12 |  |  |  | 10 |  |  |  | 17 |  |  | 39 |  |
Home equity | 722 |  |  |  | 20 |  |  |  | 11 |  |  |  | 26 |  |  | 57 |  |
Automobile | 1,431 |  |  |  | 3 |  |  |  | — |  |  |  | 17 |  |  | 20 |  |
Education | 272 |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  | 7 |  |
Other retail | 3,739 |  |  |  | 18 |  |  |  | — |  |  |  | 2 |  |  | 20 |  |
Total retail | 6,406 |  |  |  | 53 |  |  |  | 21 |  |  |  | 69 |  |  | 143 |  |
Total | 6,492 |  |  |  | $53 |  |  |  | $26 |  |  |  | $279 |  |  | $358 |  |
(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.
Financing receivable, troubled debt restructuring, default | The following table provides a summary of TDRs that defaulted (became 90 days or more past due) within 12 months of their modification date:
| Year Ended December 31,
(dollars in millions) | 2021 |  | 2020 |  | 2019
Commercial TDRs | $23 |  |  | $54 |  |  | $1 |
Retail TDRs(1) | 95 |  |  | 46 |  |  | 37 |
Total | $118 |  |  | $100 |  |  | $38 |
(1) Includes $61 million, $16 million and $9 million of loans fully or partially government guaranteed by the FHA, VA, and USDA for the years ended December 31, 2021, 2020 and 2019, respectively.

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