Loans and Leases (Tables)
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6 Months Ended |
Jun. 30, 2021 |
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| Receivables [Abstract] |
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| Loans and Leases Classified by Primary Purpose |
The following table provides a summary of commercial loans and leases classified by primary purpose and consumer loans classified based upon product or collateral as of: | | | | | | | | |
($ in millions) | June 30,
2021 | December 31,
2020 | | Loans and leases held for sale: | | | | Commercial and industrial loans | $ | 11 | | 230 | | | Commercial mortgage loans | 33 | | 7 | | | Commercial construction loans | 2 | | — | | | Commercial leases | — | | 39 | | | Residential mortgage loans | 5,684 | | 4,465 | | | Total loans and leases held for sale | $ | 5,730 | | 4,741 | | | Portfolio loans and leases: | | | Commercial and industrial loans(a) | $ | 47,564 | | 49,665 | | | Commercial mortgage loans | 10,347 | | 10,602 | | | Commercial construction loans | 5,871 | | 5,815 | | | Commercial leases | 3,238 | | 2,915 | | | Total commercial loans and leases | $ | 67,020 | | 68,997 | | Residential mortgage loans(b) | $ | 16,131 | | 15,928 | | | Home equity | 4,545 | | 5,183 | | | Indirect secured consumer loans | 15,192 | | 13,653 | | | Credit card | 1,793 | | 2,007 | | | Other consumer loans | 3,052 | | 3,014 | | | Total consumer loans | $ | 40,713 | | 39,785 | | | Total portfolio loans and leases | $ | 107,733 | | 108,782 | |
(a)Includes $3.7 billion and $4.8 billion as of June 30, 2021 and December 31, 2020, respectively, related to the SBA’s Paycheck Protection Program. (b)Includes $39 as of December 31, 2020 of residential mortgage loans previously sold to GNMA for which the Bancorp was deemed to have regained effective control over under ASC Topic 860, but did not exercise its option to repurchase. Refer to Note 14 for further information.
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| Total Loans and Leases Owned by the Bancorp |
The following table presents a summary of the total loans and leases owned by the Bancorp as of: | | | | | | | | | | | | | | | | Carrying Value | 90 Days Past Due
and Still Accruing |
($ in millions) | June 30,
2021 | December 31,
2020 | June 30,
2021 | December 31,
2020 | | Commercial and industrial loans | $ | 47,575 | | 49,895 | | 2 | | 39 | | | Commercial mortgage loans | 10,380 | | 10,609 | | 4 | | 8 | | | Commercial construction loans | 5,873 | | 5,815 | | — | | — | | | Commercial leases | 3,238 | | 2,954 | | — | | 1 | | | Residential mortgage loans | 21,815 | | 20,393 | | 57 | | 70 | | | Home equity | 4,545 | | 5,183 | | 1 | | 2 | | | Indirect secured consumer loans | 15,192 | | 13,653 | | 4 | | 10 | | | Credit card | 1,793 | | 2,007 | | 14 | | 31 | | | Other consumer loans | 3,052 | | 3,014 | | 1 | | 2 | | | Total loans and leases | $ | 113,463 | | 113,523 | | 83 | | 163 | | | Less: Loans and leases held for sale | $ | 5,730 | | 4,741 | | | | | Total portfolio loans and leases | $ | 107,733 | | 108,782 | | | |
The following table presents a summary of net charge-offs (recoveries): | | | | | | | | | | | | | | | | For the three months ended
June 30, | For the six months ended
June 30, | | ($ in millions) | 2021 | 2020 | 2021 | 2020 | | Commercial and industrial loans | $ | 13 | | 65 | | 40 | | 115 | | | Commercial mortgage loans | 6 | | 2 | | 8 | | 4 | | | Commercial leases | (2) | | 11 | | (2) | | 16 | | | Residential mortgage loans | — | | 1 | | (1) | | 2 | | | Home equity | (1) | | 1 | | (1) | | 4 | | | Indirect secured consumer loans | — | | 7 | | 9 | | 20 | | | Credit card | 20 | | 34 | | 45 | | 71 | | | Other consumer loans | 8 | | 9 | | 17 | | 20 | | | Total net charge-offs | $ | 44 | | 130 | | 115 | | 252 | |
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| Investment in Lease Financing |
The following table presents the components of the net investment in leases as of: | | | | | | | | | ($ in millions)(a) | June 30,
2021 | December 31, 2020 | | Net investment in direct financing leases: | | | | Lease payment receivable (present value) | $ | 1,161 | | 1,400 | | | Unguaranteed residual assets (present value) | 167 | | 181 | | | Net discount on acquired leases | — | | (1) | | | Net investment in sales-type leases: | | | | Lease payment receivable (present value) | 1,551 | | 976 | | | Unguaranteed residual assets (present value) | 48 | | 36 | |
(a)Excludes $311 and $323 of leveraged leases at June 30, 2021 and December 31, 2020, respectively.
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| Sales-type and Direct Financing Leases, Lease Receivable, Maturity |
The following table presents undiscounted cash flows for both direct financing and sales-type leases for the remainder of 2021 through 2026 and thereafter as well as a reconciliation of the undiscounted cash flows to the total lease receivables as follows: | | | | | | | | | | As of June 30, 2021 ($ in millions) | Direct Financing
Leases | Sales-Type Leases | | Remainder of 2021 | $ | 216 | | 278 | | | 2022 | 350 | | 479 | | | 2023 | 224 | | 288 | | | 2024 | 160 | | 216 | | | 2025 | 114 | | 150 | | | 2026 | 69 | | 82 | | | Thereafter | 105 | | 165 | | | Total undiscounted cash flows | $ | 1,238 | | 1,658 | | | Less: Difference between undiscounted cash flows and discounted cash flows | 77 | | 107 | | | Present value of lease payments (recognized as lease receivables) | $ | 1,161 | | 1,551 | |
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