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Credit Quality and the Allowance for Loan and Lease Losses
 3 Months Ended
Mar. 31, 2016
Credit Quality and the Allowance for Loan and Leases Losses  
Credit Quality and the Allowance for Loan and Lease Losses

6. Credit Quality and the Allowance for Loan and Lease Losses

The Bancorp disaggregates ALLL balances and transactions in the ALLL by portfolio segment. Credit quality related disclosures for loans and leases are further disaggregated by class.

              
Allowance for Loan and Lease Losses       
The following tables summarize transactions in the ALLL by portfolio segment:
              
     Residential      
For the three months ended March 31, 2016 ($ in millions)  CommercialMortgageConsumerUnallocatedTotal
Balance, beginning of period $ 840  100  217  115  1,272 
 Losses charged-off   (60)  (4)  (52)  -  (116) 
 Recoveries of losses previously charged-off   6  2  12  -  20 
 Provision for loan and lease losses   81  -  37  1  119 
Balance, end of period $ 867  98  214  116  1,295 
              
     Residential      
For the three months ended March 31, 2015 ($ in millions)  CommercialMortgageConsumerUnallocatedTotal
Balance, beginning of period $ 875  104  237  106  1,322 
 Losses charged-off   (48)  (9)  (58)  -  (115) 
 Recoveries of losses previously charged-off   9  3  12  -  24 
 Provision for loan and lease losses   16  5  50  (2)  69 
Balance, end of period $ 852  103  241  104  1,300 
              

The following tables provide a summary of the ALLL and related loans and leases classified by portfolio segment:
             
    Residential      
As of March 31, 2016 ($ in millions) CommercialMortgageConsumerUnallocatedTotal
ALLL:(a)           
 Individually evaluated for impairment$ 102 (c) 66  48  -  216 
 Collectively evaluated for impairment  765  32  166  -  963 
 Unallocated  -  -  -  116  116 
Total ALLL$ 867  98  214  116  1,295 
Portfolio loans and leases:(b)           
 Individually evaluated for impairment$ 1,022 (c) 655  415  -  2,092 
 Collectively evaluated for impairment  56,659  13,078  21,614  -  91,351 
 Loans acquired with deteriorated credit quality  -  2  -  -  2 
Total portfolio loans and leases$ 57,681  13,735  22,029  -  93,445 

  • Includes $5 related to leveraged leases at March 31, 2016.
  • Excludes $160 of residential mortgage loans measured at fair value, and includes $812 of leveraged leases, net of unearned income at March 31, 2016.
  • Includes five restructured loans at March 31, 2016 associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party, with a recorded investment of $27 and an ALLL of $15.

             
    Residential      
As of December 31, 2015 ($ in millions) Commercial MortgageConsumerUnallocatedTotal
ALLL:(a)           
 Individually evaluated for impairment$ 119 (c) 67  49 -  235 
 Collectively evaluated for impairment  721  33  168 -  922 
 Unallocated - - -  115  115 
Total ALLL$ 840  100  217  115  1,272 
Portfolio loans and leases:(b)           
 Individually evaluated for impairment$ 815 (c) 630  424 -  1,869 
 Collectively evaluated for impairment  55,341  12,917  22,286 -  90,544 
 Loans acquired with deteriorated credit quality  -  2  - -  2 
Total portfolio loans and leases$ 56,156  13,549  22,710 -  92,415 

  • Includes $5 related to leveraged leases at December 31, 2015.
  • Excludes $167 of residential mortgage loans measured at fair value, and includes $801 of leveraged leases, net of unearned income at December 31, 2015.
  • Includes five restructured loans at December 31, 2015 associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party, with a recorded investment of $27 and an ALLL of $15.

CREDIT RISK PROFILE

Commercial Portfolio Segment

For purposes of monitoring the credit quality and risk characteristics of its commercial portfolio segment, the Bancorp disaggregates the segment into the following classes: commercial and industrial, commercial mortgage owner-occupied, commercial mortgage nonowner-occupied, commercial construction and commercial leases.

 

To facilitate the monitoring of credit quality within the commercial portfolio segment, and for purposes of analyzing historical loss rates used in the determination of the ALLL for the commercial portfolio segment, the Bancorp utilizes the following categories of credit grades: pass, special mention, substandard, doubtful and loss. The five categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter.

 

Pass ratings, which are assigned to those borrowers that do not have identified potential or well defined weaknesses and for which there is a high likelihood of orderly repayment, are updated at least annually based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter.

 

The Bancorp assigns a special mention rating to loans and leases that have potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the loan or lease or the Bancorp's credit position. 

 

The Bancorp assigns a substandard rating to loans and leases that are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged. Substandard loans and leases have well defined weaknesses or weaknesses that could jeopardize the orderly repayment of the debt. Loans and leases in this grade also are characterized by the distinct possibility that the Bancorp will sustain some loss if the deficiencies noted are not addressed and corrected.

 

The Bancorp assigns a doubtful rating to loans and leases that have all the attributes of a substandard rating with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors that may work to the advantage of and strengthen the credit quality of the loan or lease, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger or acquisition, liquidation proceeding, capital injection, perfecting liens on additional collateral or refinancing plans.

 

Loans and leases classified as loss are considered uncollectible and are charged-off in the period in which they are determined to be uncollectible. Because loans and leases in this category are fully charged-off, they are not included in the following tables.

            
The following tables summarize the credit risk profile of the Bancorp’s commercial portfolio segment, by class:
            
    Special      
As of March 31, 2016 ($ in millions) PassMentionSubstandardDoubtfulTotal
Commercial and industrial loans$ 39,909  1,513  1,987  24  43,433 
Commercial mortgage owner-occupied loans  3,305  128  177  3  3,613 
Commercial mortgage nonowner-occupied loans  3,063  65  123  -  3,251 
Commercial construction loans  3,423  1  4  -  3,428 
Commercial leases  3,848  74  34  -  3,956 
Total commercial loans and leases$ 53,548  1,781  2,325  27  57,681 
            

    Special      
As of December 31, 2015 ($ in millions) PassMentionSubstandardDoubtfulTotal
Commercial and industrial loans$ 38,756  1,633  1,742  -  42,131 
Commercial mortgage owner-occupied loans  3,344  124  191  -  3,659 
Commercial mortgage nonowner-occupied loans  3,105  63  130  -  3,298 
Commercial construction loans  3,201  4  9  -  3,214 
Commercial leases  3,724  93  37  -  3,854 
Total commercial loans and leases$ 52,130  1,917  2,109  -  56,156 
            

Residential Mortgage and Consumer Portfolio Segments

For purposes of monitoring the credit quality and risk characteristics of its consumer portfolio segment, the Bancorp disaggregates the segment into the following classes: home equity, automobile loans, credit card and other consumer loans and leases. The Bancorp's residential mortgage portfolio segment is also a separate class.

 

The Bancorp considers repayment performance as the best indicator of credit quality for residential mortgage and consumer loans, which includes both the delinquency status and performing versus nonperforming status of the loans. The delinquency status of all residential mortgage and consumer loans is presented by class in the age analysis section while the performing versus nonperforming status is presented in the following table. Refer to the nonaccrual loans and leases section of Note 1 in the Bancorp's Annual Report on Form 10-K for the year ended December 31, 2015 for additional delinquency and nonperforming information.

          
The following table presents a summary of the Bancorp’s residential mortgage and consumer portfolio segments, by class, disaggregated into performing versus nonperforming status as of:
          
  March 31, 2016December 31, 2015
($ in millions) PerformingNonperformingPerformingNonperforming
Residential mortgage loans(a)$ 13,691  44  13,498  51 
Home equity  8,032  80  8,222  79 
Automobile loans  11,126  2  11,491  2 
Credit card  2,106  32  2,226  33 
Other consumer loans and leases  651  -  657  - 
Total residential mortgage and consumer loans and leases(a)$ 35,606  158  36,094  165 

  • Excludes $160 and $167 of loans measured at fair value at March 31, 2016 and December 31, 2015, respectively.

               
Age Analysis of Past Due Loans and Leases     
The following tables summarize the Bancorp’s recorded investment in portfolio loans and leases, by age and class:
               
   Current Past Due  90 Days Past
  Loans and  30-89 90 Days Total Total LoansDue and Still
As of March 31, 2016 ($ in millions) Leases(c) Days(c)or More(c)Past Dueand LeasesAccruing
Commercial loans and leases:             
 Commercial and industrial loans $ 43,255  31  147  178  43,433  3 
 Commercial mortgage owner-occupied loans  3,580  6  27  33  3,613  - 
 Commercial mortgage nonowner-occupied loans  3,210  17  24  41  3,251  - 
 Commercial construction loans  3,428  -  -  -  3,428  - 
 Commercial leases  3,952  -  4  4  3,956  - 
Residential mortgage loans(a)(b)  13,613  32  90  122  13,735  44 
Consumer loans and leases:             
 Home equity  7,980  72  60  132  8,112  - 
 Automobile loans  11,060  58  10  68  11,128  8 
 Credit card  2,089  25  24  49  2,138  18 
 Other consumer loans and leases   650  1  -  1  651  - 
Total portfolio loans and leases(a)$ 92,817  242  386  628  93,445  73 

  • Excludes $160 of residential mortgage loans measured at fair value at March 31, 2016.
  • 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, 2016, $95 of these loans were 30-89 days past due and $315 were 90 days or more past due. The Bancorp recognized $2 of losses during the three months ended March 31, 2016 due to claim denials and curtailments associated with these insured or guaranteed loans.
  • Includes accrual and nonaccrual loans and leases.

               
   Current Past Due  90 Days Past
  Loans and  30-8990 DaysTotal Total LoansDue and Still
As of December 31, 2015 ($ in millions) Leases(c) Days(c)Greater(c)Past Dueand LeasesAccruing
Commercial loans and leases:             
 Commercial and industrial loans $ 41,996  55  80  135  42,131  7 
 Commercial mortgage owner-occupied loans  3,610  15  34  49  3,659  - 
 Commercial mortgage nonowner-occupied loans  3,262  9  27  36  3,298  - 
 Commercial construction loans  3,214  -  -  -  3,214  - 
 Commercial leases  3,850  3  1  4  3,854  - 
Residential mortgage loans(a)(b)  13,420  37  92  129  13,549  40 
Consumer loans and leases:             
 Home equity  8,158  82  61  143  8,301  - 
 Automobile loans  11,407  75  11  86  11,493  10 
 Credit card  2,207  29  23  52  2,259  18 
 Other consumer loans and leases   656  1  -  1  657  - 
Total portfolio loans and leases(a)$ 91,780  306  329  635  92,415  75 

  • Excludes $167 of residential mortgage loans measured at fair value at December 31, 2015.
  • 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, 2015, $102 of these loans were 30-89 days past due and $335 were 90 days or more past due. The Bancorp recognized $2 of losses during the three months ended March 31, 2015 due to claim denials and curtailments associated with these insured or guaranteed loans.
  • Includes accrual and nonaccrual loans and leases.

Impaired Portfolio Loans and Leases

Larger commercial loans and leases included within aggregate borrower relationship balances exceeding $1 million that exhibit probable or observed credit weaknesses are subject to individual review for impairment. The Bancorp also performs an individual review on loans and leases that are restructured in a TDR. The Bancorp considers the current value of collateral, credit quality of any guarantees, the loan structure and other factors when evaluating whether an individual loan or lease is impaired. Other factors may include the geography and industry of the borrower, size and financial condition of the borrower, cash flow and leverage of the borrower, and the Bancorp's evaluation of the borrower's management. Smaller-balance homogenous loans or leases that are collectively evaluated for impairment are not included in the following tables.

          
The following tables summarize the Bancorp’s impaired portfolio loans and leases, by class, that were subject to individual review, which includes all portfolio loans and leases restructured in a TDR:
          
    Unpaid    
   PrincipalRecorded   
As of March 31, 2016 ($ in millions)  BalanceInvestmentALLL
With a related ALLL:        
Commercial loans and leases:        
 Commercial and industrial loans  $ 516  441  81 
 Commercial mortgage owner-occupied loans(b)   26  16  3 
 Commercial mortgage nonowner-occupied loans   57  53  2 
 Commercial leases   4  2  1 
Restructured residential mortgage loans   453  440  66 
Restructured consumer loans and leases:        
 Home equity   220  220  32 
 Automobile loans   16  17  2 
 Credit card   58  58  14 
Total impaired portfolio loans and leases with a related ALLL $ 1,350  1,247  201 
With no related ALLL:        
Commercial loans and leases:        
 Commercial and industrial loans  $ 372  320  - 
 Commercial mortgage owner-occupied loans   58  55  - 
 Commercial mortgage nonowner-occupied loans   115  101  - 
 Commercial construction loans   4  4  - 
 Commercial leases   3  3  - 
Restructured residential mortgage loans   230  215  - 
Restructured consumer loans and leases:        
 Home equity   120  117  - 
 Automobile loans   3  3  - 
Total impaired portfolio loans and leases with no related ALLL $ 905  818  - 
Total impaired portfolio loans and leases $ 2,255  2,065a(a) 201 

  • Includes $461, $636 and $362, respectively, of commercial, residential mortgage and consumer portfolio TDRs on accrual status and $210, $19 and $53, respectively, of commercial, residential mortgage and consumer portfolio TDRs on nonaccrual status at March 31, 2016.
  • Excludes five restructured loans at March 31, 2016 associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party, with an unpaid principal balance of $27, a recorded investment of $27 and an ALLL of $15.

          
    Unpaid    
   PrincipalRecorded   
As of December 31, 2015 ($ in millions)  BalanceInvestmentALLL
With a related ALLL:        
Commercial loans and leases:        
 Commercial and industrial loans  $ 412  346  84 
 Commercial mortgage owner-occupied loans(b)   28  21  5 
 Commercial mortgage nonowner-occupied loans   75  64  12 
 Commercial construction loans   4  4  2 
 Commercial leases   3  3  1 
Restructured residential mortgage loans   450  444  67 
Restructured consumer loans and leases:        
 Home equity   226  225  32 
 Automobile loans   17  16  2 
 Credit card   61  61  15 
Total impaired portfolio loans and leases with a related ALLL $ 1,276  1,184  220 
With no related ALLL:        
Commercial loans and leases:        
 Commercial and industrial loans  $ 228  182  - 
 Commercial mortgage owner-occupied loans   54  51  - 
 Commercial mortgage nonowner-occupied loans   126  111  - 
 Commercial construction loans   9  5  - 
 Commercial leases   1  1  - 
Restructured residential mortgage loans   210  186  - 
Restructured consumer loans and leases:        
 Home equity   122  119  - 
 Automobile loans   3  3  - 
Total impaired portfolio loans and leases with no related ALLL $ 753  658  - 
Total impaired portfolio loans and leases $ 2,029  1,842a(a) 220 

  • Includes $491, $607 and $372, respectively, of commercial, residential mortgage and consumer portfolio TDRs on accrual status and $203, $23 and $52, respectively, of commercial, residential mortgage and consumer portfolio TDRs on nonaccrual status at December 31, 2015.
  • Excludes five restructured loans at December 31, 2015 associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party, with an unpaid principal balance of $27, a recorded investment of $27 and an ALLL of $15.

             
The following tables summarize the Bancorp’s average impaired portfolio loans and leases, by class, and interest income, by class, for the three months ended:
             
     March 31, 2016 March 31, 2015
     AverageInterest AverageInterest
     RecordedIncome RecordedIncome
($ in millions)   InvestmentRecognized InvestmentRecognized
Commercial loans and leases:           
 Commercial and industrial loans   $ 645  2   742  5
 Commercial mortgage owner-occupied loans(a)    71  -   112  1
 Commercial mortgage nonowner-occupied loans    165  1   262  2
 Commercial construction loans    7  -   62  -
 Commercial leases    5  -   5  -
Restructured residential mortgage loans    642  6   552  6
Restructured consumer loans and leases:           
 Home equity    340  3   375  3
 Automobile loans    19  -   23  -
 Credit card    60  1   75  2
Total average impaired portfolio loans and leases  $ 1,954  13   2,208  19

  • Excludes five restructured loans associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party, with an average recorded investment of $27 and $28 at March 31, 2016 and March 31, 2015, respectively, and an immaterial amount of interest income recognized for both the three months ended March 31, 2016 and March 31, 2015.

       
Nonperforming Assets
Nonperforming assets include nonaccrual loans and leases for which ultimate collectability of the full amount of the principal and/or interest is uncertain; restructured commercial and credit card loans which have not yet met the requirements to be classified as a performing asset; restructured consumer loans which are 90 days past due based on the restructured terms unless the loan is both well-secured and in the process of collection; and certain other assets, including OREO and other repossessed property. The following table presents the Bancorp’s nonaccrual loans and leases, by class, and OREO and other repossessed property as of:
       
   March 31,December 31,
($ in millions) 20162015
Commercial loans and leases:     
 Commercial and industrial loans $ 460  259 
 Commercial mortgage owner-occupied loans(a)   41  46 
 Commercial mortgage nonowner-occupied loans  37  35 
 Commercial leases  5  1 
Total nonaccrual portfolio commercial loans and leases  543  341 
Residential mortgage loans  44  51 
Consumer loans and leases:     
 Home equity  80  79 
 Automobile loans  2  2 
 Credit card  32  33 
Total nonaccrual portfolio consumer loans and leases  114  114 
Total nonaccrual portfolio loans and leases(b)(c)$ 701  506 
OREO and other repossessed property  124  141a
Total nonperforming portfolio assets(b)(c)$ 825  647 

  • Excludes $20 of restructured nonaccrual loans at both March 31, 2016 and December 31, 2015 associated with a consolidated VIE in which the Bancorp has no continuing credit risk due to the risk being assumed by a third party.
  • Excludes $5 and $12 of nonaccrual loans held for sale at March 31, 2016 and December 31, 2015, respectively.
  • Includes $5 and $6 of nonaccrual government insured commercial loans whose repayments are insured by the SBA at March 31, 2016 and December 31, 2015, respectively, and $1 and $2 of restructured nonaccrual government insured commercial loans at March 31, 2016 and December 31, 2015, respectively.

The Bancorp's recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction was $290 million and $303 million as of March 31, 2016 and December 31, 2015, respectively.

 

Troubled Debt Restructurings

If a borrower is experiencing financial difficulty, the Bancorp may consider, in certain circumstances, modifying the terms of their loan to maximize collection of amounts due. Within each of the Bancorp's loan classes, TDRs typically involve either a reduction of the stated interest rate of the loan, an extension of the loan's maturity date with a stated rate lower than the current market rate for a new loan with similar risk, or in limited circumstances, a reduction of the principal balance of the loan or the loan's accrued interest. Modifying the terms of a loan may result in an increase or decrease to the ALLL depending upon the terms modified, the method used to measure the ALLL for a loan prior to modification, and whether any charge-offs were recorded on the loan before or at the time of modification. Refer to the ALLL section of Note 1 in the Bancorp's Annual Report on Form 10-K for the year ended December 31, 2015 for information on the Bancorp's ALLL methodology. Upon modification of a loan, the Bancorp measures the related impairment as the difference between the estimated future cash flows expected to be collected on the modified loan, discounted at the original effective yield of the loan, and the carrying value of the loan. The resulting measurement may result in the need for minimal or no allowance because it is probable that all cash flows will be collected under the modified terms of the loan. In addition, if the stated interest rate was increased in a TDR, the cash flows on the modified loan, using the pre-modification interest rate as the discount rate, often exceed the recorded investment of the loan. Conversely, upon a modification that reduces the stated interest rate on a loan, the Bancorp recognizes an impairment loss as an increase to the ALLL. If a TDR involves a reduction of the principal balance of the loan or the loan's accrued interest, that amount is charged off to the ALLL.

 

As of March 31, 2016, the Bancorp had $46 million and $22 million in line of credit and letter of credit commitments, respectively, compared to $39 million and $23 million in line of credit and letter of credit commitments as of December 31, 2015, respectively, to lend additional funds to borrowers whose terms have been modified in a TDR.

           
The following tables provide a summary of loans, by class, modified in a TDR by the Bancorp during the three months ended:
           
    Recorded investmentIncrease  
  Number of loansin loans modified(Decrease)Charge-offs
  modified in a TDRin a TDR to ALLL uponrecognized upon
March 31, 2016 ($ in millions)(a)during the period(b)during the periodmodificationmodification
Commercial loans:         
 Commercial and industrial loans 24 $ 56  (2)  - 
 Commercial mortgage owner-occupied loans 7   6  (2)  - 
 Commercial mortgage nonowner-occupied loans 2   -  -  - 
Residential mortgage loans 243   36  2  - 
Consumer loans:         
 Home equity 64   5  -  - 
 Automobile loans 78   1  -  - 
 Credit card 2,592   12  2  1 
Total portfolio loans 3,010 $ 116  -  1 

  • Excludes all loans and leases held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
  • Represents number of loans post-modification and excludes loans previously modified in a TDR.

           
    Recorded investmentIncrease  
  Number of loansin loans modified(Decrease)Charge-offs
  modified in a TDRin a TDR to ALLL uponrecognized upon
March 31, 2015 ($ in millions)(a)during the period(b)during the periodmodificationmodification
Commercial loans:         
 Commercial and industrial loans 21 $ 18  (7)  3 
 Commercial mortgage owner-occupied loans 7   8  (1)  - 
 Commercial mortgage nonowner-occupied loans 6   3  -  - 
Residential mortgage loans 300   42  1  - 
Consumer loans:         
 Home equity 76   4  -  - 
 Automobile loans 131   2  -  - 
 Credit card 3,667   19  4  - 
Total portfolio loans 4,208 $ 96  (3)  3 

  • Excludes all loans and leases held for sale and loans acquired with deteriorated credit quality which were accounted for within a pool.
  • Represents number of loans post-modification and excludes loans previously modified in a TDR.

The Bancorp considers TDRs that become 90 days or more past due under the modified terms as subsequently defaulted. For commercial loans not subject to individual review for impairment, loss rates that are applied for purposes of determining the ALLL include historical losses associated with subsequent defaults on loans previously modified in a TDR. For consumer loans, the Bancorp performs a qualitative assessment of the adequacy of the consumer ALLL by comparing the consumer ALLL to forecasted consumer losses over the projected loss emergence period (the forecasted losses include the impact of subsequent defaults of consumer TDRs). When a residential mortgage, home equity, automobile or other consumer loan that has been modified in a TDR subsequently defaults, the present value of expected cash flows used in the measurement of the potential impairment loss is generally limited to the expected net proceeds from the sale of the loan's underlying collateral and any resulting impairment loss is reflected as a charge-off or an increase in ALLL. The Bancorp recognizes ALLL for the entire balance of the credit card loans modified in a TDR that subsequently default.

       
The following tables provide a summary of TDRs that subsequently defaulted during the three months ended March 31, 2016 and 2015 that was within twelve months of the restructuring date:
       
  Number of Recorded
March 31, 2016 ($ in millions)(a)Contracts Investment
Commercial loans and leases:     
 Commercial and industrial loans 1 $ - 
 Commercial mortgage nonowner-occupied loans 1   - 
Residential mortgage loans 53   7 
Consumer loans and leases:     
 Home equity 6   1 
 Credit card 423   2 
Total portfolio loans and leases 484 $ 10 

  • Excludes all loans and leases held for sale and loans acquired with deteriorated credit quality.

       
  Number of Recorded
March 31, 2015 ($ in millions)(a)Contracts Investment
Residential mortgage loans 40 $ 5 
Consumer loans and leases:     
 Home equity 5   - 
 Automobile loans 4   - 
 Credit card 588   3 
Total portfolio loans and leases 637 $ 8 

  • Excludes all loans and leases held for sale and loans acquired with deteriorated credit quality.