Credit Quality and the Allowance for Loan and Lease Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Summary of Transactions in the ALLL

The following tables summarize transactions in the ALLL by portfolio segment:

For the three months ended March 31, 2023 ($ in millions)	Commercial		Residential Mortgage	Consumer	Total
Balance, beginning of period	$	1,127	245	822	2,194
Impact of adoption of ASU 2022-02	4		(36)	(17)	(49)
Losses charged off(a)	(33)		(1)	(76)	(110)
Recoveries of losses previously charged off(a)	2		1	29	32
Provision for (benefit from) loan and lease losses	43		(24)	129	148
Balance, end of period	$	1,143	185	887	2,215

(a)The Bancorp recorded $9 in both losses charged off and recoveries of losses previously charged off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

For the three months ended March 31, 2022 ($ in millions)	Commercial		Residential Mortgage	Consumer	Total
Balance, beginning of period	$	1,102	235	555	1,892
Losses charged off(a)	(11)		(1)	(52)	(64)
Recoveries of losses previously charged off(a)	3		2	25	30
Benefit from loan and lease losses	16		3	31	50
Balance, end of period	$	1,110	239	559	1,908

(a)The Bancorp recorded $8 in both losses charged off and recoveries of losses previously charged off related to customer defaults on point-of-sale consumer loans for which the Bancorp obtained recoveries under third-party credit enhancements.

Summary of the ALLL and Related Loans and Leases Classified by Portfolio Segment

The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:

As of March 31, 2023 ($ in millions)	Commercial		Residential Mortgage	Consumer	Total
ALLL:(a)
Individually evaluated	$	78	—	2	80
Collectively evaluated	1,065		185	885	2,135
Total ALLL	$	1,143	185	887	2,215
Portfolio loans and leases:(b)
Individually evaluated	$	319	92	49	460
Collectively evaluated	76,920		17,388	27,961	122,269
Total portfolio loans and leases	$	77,239	17,480	28,010	122,729

(a)Includes $2 related to commercial leveraged leases at March 31, 2023.

(b)Excludes $128 of residential mortgage loans measured at fair value and includes $248 of commercial leveraged leases, net of unearned income at March 31, 2023.

As of December 31, 2022 ($ in millions)	Commercial		Residential Mortgage	Consumer	Total
ALLL:(a)
Individually evaluated	$	30	47	45	122
Collectively evaluated	1,097		198	777	2,072
Total ALLL	$	1,127	245	822	2,194
Portfolio loans and leases:(b)
Individually evaluated	$	531	560	297	1,388
Collectively evaluated	75,858		16,945	27,166	119,969
Total portfolio loans and leases	$	76,389	17,505	27,463	121,357

(a)Includes $2 related to commercial leveraged leases at December 31, 2022.

(b)Excludes $123 of residential mortgage loans measured at fair value and includes $247 of commercial leveraged leases, net of unearned income at December 31, 2022.

Loan and Leases Balances by Credit Quality Indicator

The following tables present the amortized cost basis of the Bancorp’s commercial portfolio segment, by class and vintage, disaggregated by credit risk grade:

As of March 31, 2023 ($ in millions)	Term Loans and Leases by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2023		2022	2021	2020	2019	Prior			Total
Commercial and industrial loans:
Pass	$	805	4,364	2,673	885	402	648	44,136	—	53,913
Special mention	7		44	11	8	36	36	1,414	—	1,556
Substandard	76		121	58	218	25	108	1,630	—	2,236
Doubtful	—		—	2	—	—	—	13	—	15
Total commercial and industrial loans	$	888	4,529	2,744	1,111	463	792	47,193	—	57,720
Commercial mortgage owner-occupied loans:
Pass	$	240	1,139	754	477	248	369	1,743	—	4,970
Special mention	12		14	29	3	2	12	22	—	94
Substandard	25		20	21	17	71	37	140	—	331
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial mortgage owner- occupied loans	$	277	1,173	804	497	321	418	1,905	—	5,395
Commercial mortgage nonowner-occupied loans:
Pass	$	165	1,087	447	474	393	345	2,508	—	5,419
Special mention	47		—	32	26	—	2	139	—	246
Substandard	27		30	24	18	1	17	51	—	168
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial mortgage nonowner-occupied loans	$	239	1,117	503	518	394	364	2,698	—	5,833
Commercial construction loans:
Pass	$	14	73	31	87	8	34	4,980	—	5,227
Special mention	—		—	33	—	—	—	147	—	180
Substandard	4		49	—	—	—	2	86	—	141
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial construction loans	$	18	122	64	87	8	36	5,213	—	5,548
Commercial leases:
Pass	$	271	495	606	280	186	799	—	—	2,637
Special mention	—		3	9	4	2	16	—	—	34
Substandard	7		5	15	2	3	40	—	—	72
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial leases	$	278	503	630	286	191	855	—	—	2,743
Total commercial loans and leases:
Pass	$	1,495	7,158	4,511	2,203	1,237	2,195	53,367	—	72,166
Special mention	66		61	114	41	40	66	1,722	—	2,110
Substandard	139		225	118	255	100	204	1,907	—	2,948
Doubtful	—		—	2	—	—	—	13	—	15
Total commercial loans and leases	$	1,700	7,444	4,745	2,499	1,377	2,465	57,009	—	77,239

As of December 31, 2022 ($ in millions)	Term Loans and Leases by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2022		2021	2020	2019	2018	Prior			Total
Commercial and industrial loans:
Pass	$	3,825	3,098	994	445	269	488	44,521	—	53,640
Special mention	65		24	15	36	10	24	1,221	—	1,395
Substandard	150		77	233	26	7	107	1,597	—	2,197
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial and industrial loans	$	4,040	3,199	1,242	507	286	619	47,339	—	57,232
Commercial mortgage owner-occupied loans:
Pass	$	1,177	826	522	257	160	264	1,624	—	4,830
Special mention	17		15	13	12	13	2	56	—	128
Substandard	51		14	20	73	11	25	106	—	300
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial mortgage owner-occupied loans	$	1,245	855	555	342	184	291	1,786	—	5,258
Commercial mortgage nonowner-occupied loans:
Pass	$	1,127	462	490	397	220	170	2,453	—	5,319
Special mention	1		84	26	—	—	23	88	—	222
Substandard	65		19	18	1	1	17	100	—	221
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial mortgage nonowner-occupied loans	$	1,193	565	534	398	221	210	2,641	—	5,762
Commercial construction loans:
Pass	$	82	31	93	8	35	7	4,684	—	4,940
Special mention	—		—	—	—	—	—	293	—	293
Substandard	53		—	—	—	—	2	145	—	200
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial construction loans	$	135	31	93	8	35	9	5,122	—	5,433
Commercial leases:
Pass	$	584	664	306	192	146	696	—	—	2,588
Special mention	—		4	2	4	7	19	—	—	36
Substandard	1		20	2	4	21	32	—	—	80
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial leases	$	585	688	310	200	174	747	—	—	2,704
Total commercial loans and leases:
Pass	$	6,795	5,081	2,405	1,299	830	1,625	53,282	—	71,317
Special mention	83		127	56	52	30	68	1,658	—	2,074
Substandard	320		130	273	104	40	183	1,948	—	2,998
Doubtful	—		—	—	—	—	—	—	—	—
Total commercial loans and leases	$	7,198	5,338	2,734	1,455	900	1,876	56,888	—	76,389

The following table summarizes the Bancorp’s gross charge-offs within the commercial portfolio segment, by class and vintage:

For the three months ended March 31, 2023 ($ in millions)	Term Loans and Leases by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2023		2022	2021	2020	2019	Prior			Total
Commercial loans and leases:
Commercial and industrial loans	$	—	1	11	—	—	—	20	—	32
Commercial construction loans	—		—	—	—	—	—	1	—	1
Total commercial loans and leases	$	—	1	11	—	—	—	21	—	33

The following tables present the amortized cost basis of the Bancorp’s residential mortgage and consumer portfolio segments, by class and vintage, disaggregated by both age and performing versus nonperforming status:

As of March 31, 2023 ($ in millions)	Term Loans by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2023		2022	2021	2020	2019	Prior			Total
Residential mortgage loans:
Performing:
Current(a)	$	249	3,222	5,355	2,931	1,028	4,543	—	—	17,328
30-89 days past due	—		1	2	3	1	10	—	—	17
90 days or more past due	—		1	2	—	1	5	—	—	9
Total performing	249		3,224	5,359	2,934	1,030	4,558	—	—	17,354
Nonperforming	—		1	3	4	4	114	—	—	126
Total residential mortgage loans(b)	$	249	3,225	5,362	2,938	1,034	4,672	—	—	17,480
Home equity:
Performing:
Current	$	14	45	3	7	14	106	3,663	14	3,866
30-89 days past due	—		—	—	—	—	2	21	—	23
90 days or more past due	—		—	—	—	—	1	—	—	1
Total performing	14		45	3	7	14	109	3,684	14	3,890
Nonperforming	—		—	—	—	—	7	60	1	68
Total home equity	$	14	45	3	7	14	116	3,744	15	3,958
Indirect secured consumer loans:
Performing:
Current	$	1,595	5,526	5,355	2,302	1,041	528	—	—	16,347
30-89 days past due	2		32	33	19	14	10	—	—	110
90 days or more past due	—		—	—	—	—	—	—	—	—
Total performing	1,597		5,558	5,388	2,321	1,055	538	—	—	16,457
Nonperforming	—		5	5	7	5	5	—	—	27
Total indirect secured consumer loans	$	1,597	5,563	5,393	2,328	1,060	543	—	—	16,484
Credit card:
Performing:
Current	$	—	—	—	—	—	—	1,696	—	1,696
30-89 days past due	—		—	—	—	—	—	18	—	18
90 days or more past due	—		—	—	—	—	—	18	—	18
Total performing	—		—	—	—	—	—	1,732	—	1,732
Nonperforming	—		—	—	—	—	—	29	—	29
Total credit card	$	—	—	—	—	—	—	1,761	—	1,761
Other consumer loans:
Performing:
Current	$	722	2,928	481	323	149	229	903	31	5,766
30-89 days past due	—		19	5	2	2	3	3	—	34
90 days or more past due	—		1	—	—	—	—	—	—	1
Total performing	722		2,948	486	325	151	232	906	31	5,801
Nonperforming	—		3	1	—	—	1	1	—	6
Total other consumer loans	$	722	2,951	487	325	151	233	907	31	5,807
Total residential mortgage and consumer loans:
Performing:
Current	$	2,580	11,721	11,194	5,563	2,232	5,406	6,262	45	45,003
30-89 days past due	2		52	40	24	17	25	42	—	202
90 days or more past due	—		2	2	—	1	6	18	—	29
Total performing	2,582		11,775	11,236	5,587	2,250	5,437	6,322	45	45,234
Nonperforming	—		9	9	11	9	127	90	1	256
Total residential mortgage and consumer loans(b)	$	2,582	11,784	11,245	5,598	2,259	5,564	6,412	46	45,490

(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of March 31, 2023, $76 of these loans were 30-89 days past due and $154 were 90 days or more past due. The Bancorp recognized an immaterial amount of losses during the three months ended March 31, 2023, due to claim denials and curtailments associated with these insured or guaranteed loans.

(b)Excludes $128 of residential mortgage loans measured at fair value at March 31, 2023, including $3 of nonperforming loans.

As of December 31, 2022 ($ in millions)	Term Loans by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2022		2021	2020	2019	2018	Prior			Total
Residential mortgage loans:
Performing:
Current(a)	$	3,195	5,440	2,981	1,051	344	4,336	—	—	17,347
30-89 days past due	4		4	3	1	2	15	—	—	29
90 days or more past due	—		—	1	—	1	5	—	—	7
Total performing	3,199		5,444	2,985	1,052	347	4,356	—	—	17,383
Nonperforming	—		3	4	4	7	104	—	—	122
Total residential mortgage loans(b)	$	3,199	5,447	2,989	1,056	354	4,460	—	—	17,505
Home equity:
Performing:
Current	$	46	3	7	15	17	94	3,741	18	3,941
30-89 days past due	—		—	—	—	—	2	28	—	30
90 days or more past due	—		—	—	—	—	1	—	—	1
Total performing	46		3	7	15	17	97	3,769	18	3,972
Nonperforming	—		—	—	—	—	8	58	1	67
Total home equity	$	46	3	7	15	17	105	3,827	19	4,039
Indirect secured consumer loans:
Performing:
Current	$	6,034	5,875	2,600	1,217	416	239	—	—	16,381
30-89 days past due	34		42	28	22	11	5	—	—	142
90 days or more past due	—		—	—	—	—	—	—	—	—
Total performing	6,068		5,917	2,628	1,239	427	244	—	—	16,523
Nonperforming	4		6	7	6	4	2	—	—	29
Total indirect secured consumer loans	$	6,072	5,923	2,635	1,245	431	246	—	—	16,552
Credit card:
Performing:
Current	$	—	—	—	—	—	—	1,808	—	1,808
30-89 days past due	—		—	—	—	—	—	21	—	21
90 days or more past due	—		—	—	—	—	—	18	—	18
Total performing	—		—	—	—	—	—	1,847	—	1,847
Nonperforming	—		—	—	—	—	—	27	—	27
Total credit card	$	—	—	—	—	—	—	1,874	—	1,874
Other consumer loans:
Performing:
Current	$	2,704	540	355	169	112	146	908	26	4,960
30-89 days past due	14		6	3	2	2	2	3	—	32
90 days or more past due	—		—	—	—	—	—	1	—	1
Total performing	2,718		546	358	171	114	148	912	26	4,993
Nonperforming	2		1	—	—	—	1	1	—	5
Total other consumer loans	$	2,720	547	358	171	114	149	913	26	4,998
Total residential mortgage and consumer loans:
Performing:
Current	$	11,979	11,858	5,943	2,452	889	4,815	6,457	44	44,437
30-89 days past due	52		52	34	25	15	24	52	—	254
90 days or more past due	—		—	1	—	1	6	19	—	27
Total performing	12,031		11,910	5,978	2,477	905	4,845	6,528	44	44,718
Nonperforming	6		10	11	10	11	115	86	1	250
Total residential mortgage and consumer loans(b)	$	12,037	11,920	5,989	2,487	916	4,960	6,614	45	44,968

(a)Information includes advances made pursuant to servicing agreements for GNMA mortgage pools whose repayments are insured by the FHA or guaranteed by the VA. As of December 31, 2022, $81 of these loans were 30-89 days past due and $147 were 90 days or more past due. The Bancorp recognized $1 of losses during the three months ended March 31, 2022 due to claim denials and curtailments associated with these insured or guaranteed loans.

(b)Excludes $123 of residential mortgage loans measured at fair value at December 31, 2022, including $1 of 30-89 days past due loans and $2 of nonperforming loans.

The following table summarizes the Bancorp’s gross charge-offs within the residential mortgage and consumer portfolio segments, by class and vintage:

For the three months ended March 31, 2023 ($ in millions)	Term Loans by Origination Year							Revolving Loans	Revolving Loans Converted to Term Loans
	2023		2022	2021	2020	2019	Prior			Total
Residential mortgage loans	$	—	—	—	—	—	1	—	—	1
Consumer loans:
Home equity	—		—	—	—	—	—	1	—	1
Indirect secured consumer loans	—		8	6	4	3	2	—	—	23
Credit cards	—		—	—	—	—	20	—	—	20
Other consumer loans	—		10	5	3	2	3	8	1	32
Total residential mortgage and consumer loans	$	—	18	11	7	5	26	9	1	77

Financing Receivable, Past Due

The following tables summarize the Bancorp’s amortized cost basis in portfolio commercial loans and leases, by age and class:

	Current Loans and Leases(a)		Past Due			Total Loans and Leases	90 Days Past Due and Still Accruing
As of March 31, 2023 ($ in millions)			30-89 Days(a)	90 Days or More(a)	Total Past Due
Commercial loans and leases:
Commercial and industrial loans	$	57,549	109	62	171	57,720	17
Commercial mortgage owner-occupied loans	5,386		6	3	9	5,395	—
Commercial mortgage nonowner-occupied loans	5,832		1	—	1	5,833	—
Commercial construction loans	5,541		2	5	7	5,548	—
Commercial leases	2,723		16	4	20	2,743	—
Total portfolio commercial loans and leases	$	77,031	134	74	208	77,239	17

(a)Includes accrual and nonaccrual loans and leases.

	Current Loans and Leases(a)		Past Due			Total Loans and Leases	90 Days Past Due and Still Accruing
As of December 31, 2022 ($ in millions)			30-89 Days(a)	90 Days or More(a)	Total Past Due
Commercial loans and leases:
Commercial and industrial loans	$	57,092	98	42	140	57,232	11
Commercial mortgage owner-occupied loans	5,241		14	3	17	5,258	—
Commercial mortgage nonowner-occupied loans	5,756		6	—	6	5,762	—
Commercial construction loans	5,424		7	2	9	5,433	—
Commercial leases	2,698		4	2	6	2,704	2
Total portfolio commercial loans and leases	$	76,211	129	49	178	76,389	13

(a)Includes accrual and nonaccrual loans and leases.

The following table presents the Bancorp’s portfolio loans that were modified to borrowers experiencing financial difficulty during the three months ended March 31, 2023, by age and portfolio class:

			Past Due
($ in millions)	Current		30-89 Days	90 Days or More	Total
Commercial loans:
Commercial and industrial loans	$	106	—	—	106
Commercial mortgage owner-occupied loans	1		—	—	1
Commercial mortgage nonowner-occupied loans	25		—	—	25
Commercial construction loans	31		—	—	31
Residential mortgage loans	23		1	—	24
Consumer loans:
Home equity	4		—	—	4
Credit card(a)	6		3	1	10
Other consumer loans	1		—	—	1
Total portfolio loans	$	197	4	1	202

(a)Credit card loans continue to be reported as delinquent after modification as they are not returned to current status until the borrower demonstrates a willingness and ability to repay the loan according to its modified terms.

Summary of the Amortized Cost Basis of the Bancorp's Collateral Dependent Loans

The following table presents the amortized cost basis of the Bancorp’s collateral-dependent loans and leases, by portfolio class, as of:

($ in millions)	March 31, 2023		December 31, 2022
Commercial loans and leases:
Commercial and industrial loans	$	276	433
Commercial mortgage owner-occupied loans	12		14
Commercial mortgage nonowner-occupied loans	21		27
Commercial construction loans	5		56
Commercial leases	5		1
Total commercial loans and leases	$	319	531
Residential mortgage loans	92		57
Consumer loans:
Home equity	43		46
Indirect secured consumer loans	6		6
Total consumer loans	$	49	52
Total portfolio loans and leases	$	460	640

Summary of the Bancorp's Nonperforming Loans and Leases by Class

The following table presents the amortized cost basis of the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property as of:

	March 31, 2023				December 31, 2022
($ in millions)	With an ALLL		No Related ALLL	Total	With an ALLL	No Related ALLL	Total
Commercial loans and leases:
Commercial and industrial loans	$	239	41	280	114	101	215
Commercial mortgage owner-occupied loans	11		11	22	9	7	16
Commercial mortgage nonowner-occupied loans	18		4	22	20	4	24
Commercial construction loans	3		2	5	6	2	8
Commercial leases	4		1	5	—	—	—
Total nonaccrual portfolio commercial loans and leases	$	275	59	334	149	114	263
Residential mortgage loans	92		37	129	81	43	124
Consumer loans:
Home equity	55		13	68	45	22	67
Indirect secured consumer loans	26		1	27	26	3	29
Credit card	29		—	29	27	—	27
Other consumer loans	6		—	6	5	—	5
Total nonaccrual portfolio consumer loans	$	116	14	130	103	25	128
Total nonaccrual portfolio loans and leases(a)(b)	$	483	110	593	333	182	515
OREO and other repossessed property	—		30	30	—	24	24
Total nonperforming portfolio assets(a)(b)	$	483	140	623	333	206	539

(a)Excludes an immaterial amount of nonaccrual loans held for sale as of both March 31, 2023 and December 31, 2022.

(b)Includes $17 and $15 of nonaccrual government insured commercial loans whose repayments are insured by the SBA as of March 31, 2023 and December 31, 2022, respectively.

Financing Receivable, Modified

The following table presents the amortized cost basis of the Bancorp’s commercial portfolio loans that were modified for borrowers experiencing financial difficulty during the three months ended March 31, 2023, by portfolio class and type of modification:

($ in millions)	Term Extension		Interest Rate Reduction	Term Extension and Interest Rate Reduction	Total	% of Total Class
Commercial and industrial loans	$	105	1	—	106	0.18	%
Commercial mortgage owner-occupied loans	1		—	—	1	0.02
Commercial mortgage nonowner-occupied loans	22		—	3	25	0.43
Commercial construction loans	31		—	—	31	0.56
Total commercial portfolio loans	$	159	1	3	163	0.21	%

The following table presents the amortized cost basis of the Bancorp’s residential mortgage loans that were modified for borrowers experiencing financial difficulty during the three months ended March 31, 2023, by type of modification:

($ in millions)	Total		% of Total Class
Payment delay	$	8	0.05	%
Term extension and payment delay	14		0.08
Term extension, interest rate reduction and payment delay	2		0.01
Total residential mortgage portfolio loans	$	24	0.14	%

The following table presents the amortized cost basis of the Bancorp’s consumer portfolio loans that were modified for borrowers experiencing financial difficulty during the three months ended March 31, 2023, by portfolio class and type of modification:

($ in millions)	Interest Rate Reduction		Payment Deferral	Term Extension and Payment Deferral	Term Extension, Interest Rate Reduction and Payment Deferral	Total	% of Total Class
Home equity	$	—	—	1	3	4	0.10	%
Credit card	10		—	—	—	10	0.57
Other consumer loans	—		1	—	—	1	0.02
Total consumer portfolio loans	$	10	1	1	3	15	0.05	%

The following table presents the financial effects of the Bancorp’s portfolio loan modifications to borrowers experiencing financial difficulty during the three months ended March 31, 2023, by portfolio class:

	Financial Effects
Commercial loans:
Commercial and industrial loans	Weighted-average length of term extensions was 5 months.
Commercial mortgage owner-occupied loans	Weighted-average length of term extensions was 4 months.
Commercial mortgage nonowner-occupied loans	Weighted-average length of term extensions was 8 months and the weighted-average interest rate reduction was from 9.1% to 8.9%.
Commercial construction loans	Weighted-average length of term extensions was 12 months.
Residential mortgage loans	Weighted-average length of term extensions was 130 months and the amount of payment delays represented approximately 16% of the related loan balances.
Consumer loans:
Home equity	Weighted-average length of term extensions was 24.8 years, the weighted-average interest rate reduction was from 8.0% to 6.5% and the amount of payment deferrals represented approximately 6% of the related loan balances.
Credit card	Weighted-average interest rate reduction was from 23.2% to 3.9%.
Other consumer loans	Amount of payment deferrals represented approximately 6% of the related loan balances.

The following table provides a summary of portfolio loans, by class, modified in a TDR by the Bancorp during the three months ended:

March 31, 2022 ($ in millions)	Number of Loans Modified in a TDR During the Period(a)	Amortized Cost Basis in Loans Modified in a TDR During the Period		Increase (Decrease) to ALLL Upon Modification	Charge-offs Recognized Upon Modification
Commercial loans:
Commercial and industrial loans	30	$	91	13	—
Commercial mortgage owner-occupied loans	5	4		(1)	—
Residential mortgage loans	260	42		3	—
Consumer loans:
Home equity	52	7		(1)	—
Indirect secured consumer loans	1,274	27		—	—
Credit card	1,121	6		2	—
Total portfolio loans	2,742	$	177	16	—

(a)Represents number of loans post-modification and excludes loans previously modified in a TDR.

Summary of Subsequent Defaults

The following table provides a summary of TDRs that subsequently defaulted during the three months ended March 31, 2022 and were within 12 months of the restructuring date:

March 31, 2022 ($ in millions)(a)	Number of Contracts	Amortized Cost
Commercial loans:
Commercial and industrial loans	6	$	—
Residential mortgage loans	29	3
Consumer loans:
Home equity	10	1
Indirect secured consumer loans	25	—
Credit card	105	1
Total portfolio loans	175	$	5

(a)Excludes all loans held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.