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Loans

9 Months Ended

Sep. 30, 2020

Loans consisted of the following:


	September 30, 2020		December 31, 2019
	(in millions)
Commercial loans:
Real estate, including construction	$	11,283	$	11,501
Business and corporate banking⁽¹⁾	15,164		13,479
Global banking⁽²⁾	15,505		17,915
Other commercial:
Affiliates⁽³⁾	1,180		2,343
Other	2,651		2,973
Total other commercial	3,831		5,316
Total commercial	45,783		48,211
Consumer loans:
Residential mortgages	18,439		17,801
Home equity mortgages	765		853
Credit cards	1,107		1,405
Other consumer⁽⁴⁾	315		283
Total consumer	20,626		20,342
Total loans	$	66,409	$	68,553

⁽¹⁾Includes loans funded under the Paycheck Protection Program ("PPP") which totaled $1,186 million at September 30, 2020. PPP loans are fully guaranteed by the Small Business Administration, if certain conditions are met.

⁽²⁾Represents large multinational firms including globally focused U.S. corporate and financial institutions, U.S. dollar lending to multinational banking clients managed by HSBC on a global basis and complex large business clients supported by Global Banking and Markets relationship managers.

⁽³⁾See Note 14, "Related Party Transactions," for additional information regarding loans to HSBC affiliates.

⁽⁴⁾Includes certain student loans that we have elected to designate under the fair value option and are therefore carried at fair value, which totaled $34 million at September 30, 2020. See Note 10, "Fair Value Option," for further details.

Net deferred origination costs totaled $46 million and $79 million at September 30, 2020 and December 31, 2019, respectively. At September 30, 2020 and December 31, 2019, we had a net unamortized premium on our loans of $9 million and $3 million, respectively.

COVID-19 Loan Forbearance Initiatives We have implemented various loan modification programs to provide borrowers relief from the economic impacts of the COVID-19 pandemic. In March 2020, the Coronavirus Aid, Relief and Economic Security Act ("CARES Act") was signed into law, which provides financial institutions with the option to temporarily suspend certain requirements under U.S. GAAP related to troubled debt restructurings ("TDR Loans") from March 1, 2020 until the earlier of December 31, 2020 or 60 days following the termination of the presidentially declared national emergency. During the third quarter of 2020, we elected to adopt the TDR Loan guidance in the CARES Act and are not applying TDR Loan classification to COVID-19 related loan modifications in the form of a long-term payment deferral (for commercial loans all payment modifications, including all payment deferrals) granted to borrowers that were current (less than 30 days past due) as of December 31, 2019 which otherwise may have been reported as TDR Loans.

In April 2020, federal banking regulators issued a revised interagency statement on loan modifications and the reporting for financial institutions working with customers affected by the COVID-19 pandemic ("Interagency Statement"). The Interagency Statement confirmed that COVID-19 related short-term loan modifications (e.g., payment deferrals of six months or less) provided to borrowers that were current (less than 30 days past due) at the time the relief was granted are not TDR Loans. Borrowers that do not meet the criteria in the CARES Act or the Interagency Statement are assessed for TDR Loan classification in accordance with our accounting policies.

In addition, under the Interagency Statement, for COVID-19 related loan modifications in the form of a payment deferral, the borrower’s past due status will not be impacted during the deferral period and, if the loan was accruing at the time the relief was granted, the loan will generally not be placed on nonaccrual status as long as the payment deferral is for six months or less. For consumer mortgage loans, when a borrower requests and is provided with extended relief in the form of a payment deferral of more than six months, the loan will generally be placed on nonaccrual status and, if the loan does not meet the criteria in the CARES Act, assessed for TDR Loan classification. Any accrued interest recorded on these loans is generally not reversed against income and will remain recorded as accrued interest receivable. We have not modified our commercial loan nonaccrual policies as a result of this guidance.

Aging Analysis of Past Due Loans The following table summarizes the past due status of our loans at September 30, 2020 and December 31, 2019. The aging of past due amounts is determined based on the contractual delinquency status of payments under the loan. An account is generally considered to be contractually delinquent when payments have not been made in accordance with the loan terms. Delinquency status is affected by customer account management policies and practices such as re-age, which results in the re-setting of the contractual delinquency status to current. For COVID-19 related loan modifications in the form of a payment deferral, the borrower’s past due status will not be impacted during the deferral period.


	Past Due						Total Past Due 30 Days or More
	30 - 89 Days		90+ Days						Current⁽¹⁾			Total Loans
	(in millions)
At September 30, 2020
Commercial loans:
Real estate, including construction	$	47	$	—	$	47	$	11,236		$	11,283
Business and corporate banking	21		50		71		15,093			15,164
Global banking	—		7		7		15,498			15,505
Other commercial	70		—		70		3,761			3,831
Total commercial	138		57		195		45,588			45,783
Consumer loans:
Residential mortgages	364		349		713		17,726			18,439
Home equity mortgages	10		28		38		727			765
Credit cards	16		19		35		1,072			1,107
Other consumer	6		5		11		304			315
Total consumer	396		401		797		19,829			20,626
Total loans	$	534	$	458	$	992	$	65,417		$	66,409
At December 31, 2019
Commercial loans:
Real estate, including construction	$	7	$	1	$	8	$	11,493		$	11,501
Business and corporate banking	60		35		95		13,384			13,479
Global banking	—		—		—		17,915			17,915
Other commercial	22		—		22		5,294			5,316
Total commercial	89		36		125		48,086			48,211
Consumer loans:
Residential mortgages	342		272		614		17,187			17,801
Home equity mortgages	10		24		34		819			853
Credit cards	24		24		48		1,357			1,405
Other consumer	5		5		10		273			283
Total consumer	381		325		706		19,636			20,342
Total loans	$	470	$	361	$	831	$	67,722		$	68,553

⁽¹⁾ Loans less than 30 days past due are presented as current.

Nonperforming Loans Nonperforming loans, including nonaccrual loans and accruing loans contractually 90 days or more past due, consisted of the following:


	Nonaccrual Loans		Accruing Loans Contractually Past Due 90 Days or More		Nonaccrual Loans With No Allowance For Credit Losses
	(in millions)
At September 30, 2020
Commercial:
Real estate, including construction	$	13	$	—	$	2
Business and corporate banking	225		1		10
Global banking	363		—		115

Total commercial	601		1		127
Consumer:
Residential mortgages^(1)(2)(3)	553		—		207
Home equity mortgages⁽¹⁾⁽²⁾	42		—		31
Credit cards	—		19		—
Other consumer	—		2		—
Total consumer	595		21		238
Total nonperforming loans	$	1,196	$	22	$	365
At December 31, 2019
Commercial:
Real estate, including construction	$	6	$	—	$	3
Business and corporate banking	82		1		19
Global banking	149		—		117

Total commercial	237		1		139
Consumer:
Residential mortgages^(1)(2)(3)	381		—		257
Home equity mortgages⁽¹⁾⁽²⁾	46		—		32
Credit cards	—		24		—
Other consumer	—		5		—
Total consumer	427		29		289
Total nonperforming loans	$	664	$	30	$	428

⁽¹⁾At September 30, 2020 and December 31, 2019, nonaccrual consumer mortgage loans include $324 million and $289 million, respectively, of loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell. The decrease in nonaccrual consumer mortgage loans with no allowance for credit losses at September 30, 2020 reflects the impact of adopting new accounting guidance which requires expected recoveries related to subsequent increases in the fair value of collateral for collateral-dependent loans to be recognized in the allowance for credit losses beginning January 1, 2020. See Note 21, "New Accounting Pronouncements," for additional discussion.

⁽²⁾ Nonaccrual consumer mortgage loans include all loans which are 90 or more days contractually delinquent as well as loans discharged under Chapter 7 bankruptcy and not re-affirmed and second lien loans where the first lien loan that we own or service is 90 or more days contractually delinquent. At September 30, 2020, nonaccrual consumer mortgage loans also include $24 million of loans under COVID-19 related payment deferral programs where the borrowers were provided with extended payment deferral relief of more than six months and, as a result, have been placed on nonaccrual status.

⁽³⁾ Nonaccrual consumer mortgage loans for all periods does not include guaranteed loans purchased from the Government National Mortgage Association. Repayment of these loans is predominantly insured by the Federal Housing Administration and as such, these loans have different risk characteristics from the rest of our consumer loan portfolio.

The following table provides additional information on our nonaccrual loans:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Interest income that would have been recorded if the nonaccrual loans had been current in accordance with contractual terms during the period	$	10	$	10	$	29	$	26
Interest income that was recorded on nonaccrual loans and included in interest income during the period	2		4		8		10

Collateral-Dependent Loans Loans for which the repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating our exposure to credit risk and, where there is sufficient collateral, an allowance for expected credit losses is not recognized or is minimal.

Collateral-dependent residential mortgage loans are carried at the lower of amortized cost or fair value of the collateral less costs to sell, with any excess in the carrying amount of the loan generally charged off at the time foreclosure is initiated or when settlement is reached with the borrower, but not to exceed the end of the month in which the account becomes six months contractually delinquent. Collateral values are based on broker price opinions or appraisals which are updated at least every 180 days less estimated costs to sell. During the quarterly period between updates, real estate price trends are reviewed on a geographic basis and incorporated as necessary. At September 30, 2020 and December 31, 2019, we had collateral-dependent residential mortgage loans totaling $805 million and $803 million, respectively.

For collateral-dependent commercial loans, the allowance for expected credit losses is individually assessed based on the fair value of the collateral. Various types of collateral are used, including real estate, inventory, equipment, accounts receivable, securities and cash, among others. For commercial real estate loans, collateral values are generally based on appraisals which are updated based on management judgment under the specific circumstances on a case-by-case basis. In situations where an appraisal is not used, borrower-specific factors such as operating results, cash flows and debt service ratios are reviewed along with relevant market data of comparable properties in order to create a 10-year cash flow model to be discounted at appropriate rates to present value. The collateral value for securities is based on their quoted market prices or broker quotes. The collateral value for other financial assets is generally based on appraisals or is estimated using a discounted cash flow analysis. Commercial loan balances are charged off at the time all or a portion of the balance is deemed uncollectible. At September 30, 2020 and December 31, 2019, we had collateral-dependent commercial loans totaling $480 million and $227 million, respectively.

Troubled debt restructurings TDR Loans, including beginning in 2020 loans which we reasonably expect to become TDR Loans, represent loans for which the original contractual terms have been modified to provide for terms that are less than what we would be willing to accept for new loans with comparable risk because of deterioration in the borrower's financial condition.

Modifications for consumer or commercial loans may include changes to one or more terms of the loan, including, but not limited to, a change in interest rate, extension of the amortization period, reduction in payment amount and partial forgiveness or deferment of principal, accrued interest or other loan covenants. A substantial amount of our modifications involve interest rate reductions on consumer loans, which lower the amount of interest income we are contractually entitled to receive in future periods. Through lowering the interest rate and other loan term changes, we believe we are able to increase the amount of cash flow that will ultimately be collected from the loan, given the borrower's financial condition. Once a consumer loan is classified as a TDR Loan, it continues to be reported as such until it is paid off or charged-off. For commercial loans, if subsequent performance is in accordance with the new terms and the loan is upgraded, it is possible the loan will no longer be reported as a TDR Loan at the earliest one year after the restructure had been anticipated. During the three and nine months ended September 30, 2020, there were no commercial loans removed from TDR Loan classification. During the second quarter of 2019, a $12 million commercial loan met this criteria and was removed from TDR Loan classification.

As previously discussed, we have implemented various loan modification payment deferral programs to provide borrowers relief from the economic impacts of COVID-19. Substantially all of the loans under these programs are not classified as TDR Loans at September 30, 2020 due to our election to suspend TDR Loan classification under the CARES Act or their short-term nature as discussed under the Interagency Statement.

The following table summarizes our TDR Loans at September 30, 2020 and December 31, 2019:



	September 30, 2020		December 31, 2019
	(in millions)
Commercial loans:

Business and corporate banking	$	120	$	36
Global banking	35		68

Total commercial⁽¹⁾⁽²⁾	155		104
Consumer loans:
Residential mortgages⁽³⁾⁽⁴⁾	553		580
Home equity mortgages⁽³⁾⁽⁴⁾	31		32
Credit cards	5		4

Total consumer	589		616
Total TDR Loans⁽⁵⁾	$	744	$	720

⁽¹⁾Additional commitments to lend to commercial borrowers whose loans have been modified in TDR Loans totaled $99 million and $222 million at September 30, 2020 and December 31, 2019, respectively.

⁽²⁾Not included in the table at September 30, 2020 are $1,103 million of commercial loans that were exempted from TDR assessment due to our CARES Act election.

⁽³⁾At September 30, 2020 and December 31, 2019, the carrying value of consumer mortgage TDR Loans includes $490 million and $557 million, respectively, of loans that are recorded at the lower of amortized cost or fair value of the collateral less cost to sell.

⁽⁴⁾Not included in the table at September 30, 2020 are $24 million of consumer mortgage loans under COVID-19 related payment deferral programs where the borrowers were provided with extended payment deferral relief of more than six months that were exempted from TDR assessment due to our CARES Act election.

⁽⁵⁾At September 30, 2020 and December 31, 2019, the carrying value of TDR Loans includes $359 million and $230 million, respectively, of loans which are classified as nonaccrual.

The following table presents information about loans which were modified during the three and nine months ended September 30, 2020 and 2019 and as a result of this action became classified as TDR Loans:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Commercial loans:

Business and corporate banking	$	41	$	—	$	45	$	—
Global banking	—		—		44		—

Total commercial	41		—		89		—
Consumer loans:
Residential mortgages	20		2		27		3
Home equity mortgages	—		—		2		—
Credit cards	1		1		3		3
Total consumer	21		3		32		6
Total	$	62	$	3	$	121	$	6

The weighted-average contractual rate reduction for consumer loans which became classified as TDR Loans during the three and nine months ended September 30, 2020 was 1.80 percent and 2.14 percent, respectively, compared with 3.12 percent and 2.53 percent, during the three and nine months ended September 30, 2019, respectively. The weighted-average contractual rate reduction for commercial loans was not significant in either the number of loans or rate.

The following table presents consumer loans which were classified as TDR Loans during the previous 12 months which subsequently became 60 days or greater contractually delinquent during the three and nine months ended September 30, 2020 and 2019:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)





Consumer loans:
Residential mortgages	$	2	$	—	$	3	$	3


Total consumer	$	2	$	—	$	3	$	3

During the three and nine months ended September 30, 2020 and 2019, there were no commercial TDR Loans which were classified as TDR Loans during the previous 12 months which subsequently became 90 days or greater contractually delinquent.

Commercial Loan Credit Quality Indicators The following credit quality indicators are utilized to monitor our commercial loan portfolio:

Criticized loans Criticized loan classifications presented in the table below are determined by the assignment of various criticized facility grades based on the risk rating standards of our regulator. The following facility grades are deemed to be criticized:

Special Mention - generally includes loans that are protected by collateral and/or the credit worthiness of the customer, but are potentially weak based upon economic or market circumstances which, if not checked or corrected, could weaken our credit position at some future date.

Substandard - includes loans that are inadequately protected by the underlying collateral and/or general credit worthiness of the customer. These loans present a distinct possibility that we will sustain some loss if the deficiencies are not corrected.

Doubtful - includes loans that have all the weaknesses exhibited by substandard loans, with the added characteristic that the weaknesses make collection or liquidation in full of the recorded loan highly improbable. However, although the possibility of loss is extremely high, certain factors exist which may strengthen the credit at some future date, and therefore the decision to charge-off the loan is deferred. Loans graded as doubtful are required to be placed in nonaccrual status.

The following table summarizes our criticized commercial loans, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Real estate, including construction:
Special mention	$	—	$	290	$	244	$	81	$	45	$	312	$	—	$	—	$	972	$	516
Substandard	—		130		—		122		—		52		—		—		304		203
Doubtful	—		—		—		—		—		25		—		—		25		—
Total real estate, including construction	—		420		244		203		45		389		—		—		1,301		719
Business and corporate banking:
Special mention	1		91		39		13		43		489		736		59		1,471		467
Substandard	—		71		25		23		1		124		442		1		687		386
Doubtful	—		—		—		—		—		31		125		—		156		23
Total business and corporate banking	1		162		64		36		44		644		1,303		60		2,314		876
Global banking:
Special mention	—		—		—		—		—		128		486		—		614		184
Substandard	—		—		62		—		—		1		79		—		142		196
Doubtful	—		—		—		—		—		137		101		—		238		15
Total global banking	—		—		62		—		—		266		666		—		994		395
Other commercial:
Special mention	—		—		—		—		—		55		40		—		95		11
Substandard	—		—		—		—		—		70		—		—		70		—
Doubtful	—		—		—		—		—		—		—		—		—		—
Total other commercial	—		—		—		—		—		125		40		—		165		11
Total commercial:
Special mention	1		381		283		94		88		984		1,262		59		3,152		1,178
Substandard	—		201		87		145		1		247		521		1		1,203		785
Doubtful	—		—		—		—		—		193		226		—		419		38
Total commercial	$	1	$	582	$	370	$	239	$	89	$	1,424	$	2,009	$	60	$	4,774	$	2,001

Nonperforming The following table summarizes the nonperforming status of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Real estate, including construction:
Performing loans	$	549	$	3,909	$	3,114	$	1,413	$	267	$	1,915	$	81	$	22	$	11,270	$	11,495
Nonaccrual loans	—		—		—		—		1		12		—		—		13		6
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—		—
Total real estate, including construction	549		3,909		3,114		1,413		268		1,927		81		22		11,283		11,501
Business and corporate banking:
Performing loans	1,182		647		252		295		166		4,324		7,721		351		14,938		13,396
Nonaccrual loans	—		15		13		59		—		18		119		1		225		82
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		1		—		1		1
Total business and corporate banking	1,182		662		265		354		166		4,342		7,841		352		15,164		13,479
Global banking:
Performing loans	283		724		203		100		105		6,681		7,046		—		15,142		17,766
Nonaccrual loans	—		—		4		131		—		—		228		—		363		149
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—		—
Total global banking	283		724		207		231		105		6,681		7,274		—		15,505		17,915
Other commercial:
Performing loans	52		424		241		112		118		700		2,184		—		3,831		5,316
Nonaccrual loans	—		—		—		—		—		—		—		—		—		—
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—		—
Total other commercial	52		424		241		112		118		700		2,184		—		3,831		5,316
Total commercial:
Performing loans	2,066		5,704		3,810		1,920		656		13,620		17,032		373		45,181		47,973
Nonaccrual loans	—		15		17		190		1		30		347		1		601		237
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		1		—		1		1
Total commercial	$	2,066	$	5,719	$	3,827	$	2,110	$	657	$	13,650	$	17,380	$	374	$	45,783	$	48,211

Credit risk profile Commercial loans are assigned a credit rating based on the estimated probability of default. Investment grade includes loans with credit ratings of at least BBB- or above or the equivalent based on our internal credit rating system. The following table shows the credit risk profile of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Real estate, including construction:
Investment grade	$	357	$	1,368	$	1,216	$	529	$	180	$	832	$	6	$	—	$	4,488	$	6,332
Non-investment grade	192		2,541		1,898		884		88		1,095		75		22		6,795		5,169
Total real estate, including construction	549		3,909		3,114		1,413		268		1,927		81		22		11,283		11,501
Business and corporate banking:
Investment grade	346		267		44		49		27		1,795		2,415		73		5,016		6,029
Non-investment grade	836		395		221		305		139		2,547		5,426		279		10,148		7,450
Total business and corporate banking	1,182		662		265		354		166		4,342		7,841		352		15,164		13,479
Global banking:
Investment grade	218		691		49		231		29		4,769		5,228		—		11,215		12,981
Non-investment grade	65		33		158		—		76		1,912		2,046		—		4,290		4,934
Total global banking	283		724		207		231		105		6,681		7,274		—		15,505		17,915
Other commercial:
Investment grade	45		142		126		105		110		603		1,821		—		2,952		4,649
Non-investment grade	7		282		115		7		8		97		363		—		879		667
Total other commercial	52		424		241		112		118		700		2,184		—		3,831		5,316
Total commercial:
Investment grade	966		2,468		1,435		914		346		7,999		9,470		73		23,671		29,991
Non-investment grade	1,100		3,251		2,392		1,196		311		5,651		7,910		301		22,112		18,220
Total commercial	$	2,066	$	5,719	$	3,827	$	2,110	$	657	$	13,650	$	17,380	$	374	$	45,783	$	48,211

Consumer Loan Credit Quality Indicators The following credit quality indicators are utilized to monitor our consumer loan portfolio:

Delinquency The following table summarizes dollars of two-months-and-over contractual delinquency for our consumer loan portfolio, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Residential mortgages⁽¹⁾⁽²⁾	$	7	$	20	$	21	$	24	$	25	$	334	$	—	$	431	$	350
Home equity mortgages⁽¹⁾⁽²⁾	—		—		—		—		—		31		—		31		25
Credit cards													25		25		34
Other consumer	1		—		—		—		—		4		2		7		7
Total consumer	$	8	$	20	$	21	$	24	$	25	$	369	$	27	$	494	$	416

⁽¹⁾At September 30, 2020 and December 31, 2019, consumer mortgage loan delinquency includes $283 million and $256 million, respectively, of loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell.

⁽²⁾At September 30, 2020 and December 31, 2019, consumer mortgage loans include $115 million and $142 million, respectively, of loans that were in the process of foreclosure.

Nonperforming The following table summarizes the nonperforming status of our consumer loan portfolio, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Residential mortgages:
Performing loans	$	3,526	$	2,603	$	1,504	$	1,751	$	2,053	$	6,449	$	—	$	17,886	$	17,420
Nonaccrual loans	20		35		27		38		31		402		—		553		381

Total residential mortgages	3,546		2,638		1,531		1,789		2,084		6,851		—		18,439		17,801
Home equity mortgages:
Performing loans	42		54		39		37		48		503		—		723		807
Nonaccrual loans	—		—		1		—		—		41		—		42		46

Total home equity mortgages	42		54		40		37		48		544		—		765		853
Credit cards:
Performing loans	—		—		—		—		—		—		1,088		1,088		1,381

Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		19		19		24
Total credit cards	—		—		—		—		—		—		1,107		1,107		1,405
Other consumer:
Performing loans	73		45		1		—		5		132		57		313		278

Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		2		2		5
Total other consumer	73		45		1		—		5		132		59		315		283
Total consumer:
Performing loans	3,641		2,702		1,544		1,788		2,106		7,084		1,145		20,010		19,886
Nonaccrual loans	20		35		28		38		31		443		—		595		427
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		21		21		29
Total consumer	$	3,661	$	2,737	$	1,572	$	1,826	$	2,137	$	7,527	$	1,166	$	20,626	$	20,342

Troubled debt restructurings The following table summarizes TDR Loans in our consumer loan portfolio, including a disaggregation of the loans by year of origination as of September 30, 2020 and in total as of December 31, 2019:


	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Sep. 30, 2020		Total at Dec. 31, 2019
	(in millions)
Residential mortgages	$	—	$	2	$	2	$	1	$	2	$	546	$	—	$	553	$	580
Home equity mortgages	—		—		—		—		—		31		—		31		32
Credit cards	—		—		—		—		—		—		5		5		4

Total consumer	$	—	$	2	$	2	$	1	$	2	$	577	$	5	$	589	$	616

Concentration of Credit Risk At September 30, 2020 and December 31, 2019, our loan portfolios included interest-only residential mortgage and home equity mortgage loans totaling $3,473 million and $3,362 million, respectively. An interest-only residential mortgage loan allows a customer to pay the interest-only portion of the monthly payment for a period of time which results in lower payments during the initial loan period. However, subsequent events affecting a customer's financial position could affect the ability of customers to repay the loan in the future when the principal payments are required which increases the credit risk of this loan type.