Loans (Tables)

3 Months Ended

Mar. 31, 2021

Accounts, Notes, Loans and Financing Receivable [Line Items]

Components of Loans

Loans consisted of the following:

	March 31, 2021		December 31, 2020
	(in millions)
Commercial loans:
Real estate, including construction	$	10,087	$	10,464
Business and corporate banking(1)	13,125		13,479
Global banking(2)	13,157		13,519
Other commercial:
Affiliates(3)	1,652		1,100
Other	3,131		3,037
Total other commercial	4,783		4,137
Total commercial	41,152		41,599
Consumer loans:
Residential mortgages	18,425		18,377
Home equity mortgages	698		727
Credit cards	937		1,066
Other consumer(4)	314		319
Total consumer	20,374		20,489
Total loans	$	61,526	$	62,088

(1)Includes loans funded under the Paycheck Protection Program ("PPP") which totaled $1,294 million and $1,043 million at March 31, 2021 and December 31, 2020, respectively. 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 $30 million and $32 million at March 31, 2021 and December 31, 2020, respectively. See Note 10, "Fair Value Option," for further details.

Summary of Past Due Status of Loans

The following table summarizes the past due status of our loans at March 31, 2021 and December 31, 2020. 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 affected 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 March 31, 2021
Commercial loans:
Real estate, including construction	$	79	$	32	$	111	$	9,976	$	10,087
Business and corporate banking	42		22		64		13,061		13,125
Global banking	3		138		141		13,016		13,157
Other commercial	32		—		32		4,751		4,783
Total commercial	156		192		348		40,804		41,152
Consumer loans:
Residential mortgages	280		333		613		17,812		18,425
Home equity mortgages	8		22		30		668		698
Credit cards	17		28		45		892		937
Other consumer	5		7		12		302		314
Total consumer	310		390		700		19,674		20,374
Total loans	$	466	$	582	$	1,048	$	60,478	$	61,526
At December 31, 2020
Commercial loans:
Real estate, including construction	$	78	$	—	$	78	$	10,386	$	10,464
Business and corporate banking	126		19		145		13,334		13,479
Global banking	—		60		60		13,459		13,519
Other commercial	24		—		24		4,113		4,137
Total commercial	228		79		307		41,292		41,599
Consumer loans:
Residential mortgages	435		311		746		17,631		18,377
Home equity mortgages	11		22		33		694		727
Credit cards	23		19		42		1,024		1,066
Other consumer	7		6		13		306		319
Total consumer	476		358		834		19,655		20,489
Total loans	$	704	$	437	$	1,141	$	60,947	$	62,088

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

Summary of Nonaccrual Loans and Accruing Receivables 90 Days or More Delinquent

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 March 31, 2021
Commercial:
Real estate, including construction	$	54	$	—	$	39
Business and corporate banking	172		—		19
Global banking	252		—		47
Total commercial	478		—		105
Consumer:
Residential mortgages(1)(2)(3)	1,101		—		231
Home equity mortgages(1)(2)	64		—		33
Credit cards	—		28		—
Other consumer	—		3		—
Total consumer	1,165		31		264
Total nonperforming loans	$	1,643	$	31	$	369
At December 31, 2020
Commercial:
Real estate, including construction	$	44	$	—	$	31
Business and corporate banking	163		—		1
Global banking	337		—		93
Total commercial	544		—		125
Consumer:
Residential mortgages(1)(2)(3)	1,079		—		241
Home equity mortgages(1)(2)	63		—		34
Credit cards	—		19		—
Other consumer	—		2		—
Total consumer	1,142		21		275
Total nonperforming loans	$	1,686	$	21	$	400

(1)At March 31, 2021 and December 31, 2020, nonaccrual consumer mortgage loans include $371 million and $375 million, respectively, of loans that are carried at the lower of amortized cost or fair value of the collateral less cost to sell.

(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 March 31, 2021 and December 31, 2020, nonaccrual consumer mortgage loans also included $535 million and $590 million, respectively, of loans under COVID-19 related payment deferral programs where the borrowers utilized a payment deferral 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.

Schedule of Additional Information on Nonaccrual Loans

The following table provides additional information on our nonaccrual loans:

Three Months Ended March 31,	2021		2020
	(in millions)
Interest income that would have been recorded if the nonaccrual loans had been current in accordance with contractual terms during the period	$	18	$	8
Interest income that was recorded on nonaccrual loans and included in interest income during the period	15		7

Summary of TDR Loans

The following table summarizes our TDR Loans at March 31, 2021 and December 31, 2020:

	March 31, 2021		December 31, 2020
	(in millions)
Commercial loans:
Business and corporate banking	$	118	$	94
Global banking	44		74
Total commercial(1)(2)	162		168
Consumer loans:
Residential mortgages(3)(4)	585		582
Home equity mortgages(3)(4)	31		31
Credit cards	5		5
Total consumer	621		618
Total TDR Loans(5)	$	783	$	786

(1)Additional commitments to lend to commercial borrowers whose loans have been modified in TDR Loans totaled $35 million and $107 million at March 31, 2021 and December 31, 2020, respectively.

(2)Not included in the table at March 31, 2021 and December 31, 2020 are $781 million and $924 million, respectively, of commercial loans that were exempted from TDR assessment due to our CARES Act election.

(3)At March 31, 2021 and December 31, 2020, the carrying value of consumer mortgage TDR Loans includes $478 million and $487 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 March 31, 2021 and December 31, 2020 are $646 million and $736 million, respectively, 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 March 31, 2021 and December 31, 2020, the carrying value of TDR Loans includes $458 million and $463 million, respectively, of loans which are classified as nonaccrual.

Summary of Receivables which were Modified and as a Result became Classified as TDR Loans

The following table presents information about loans which were modified during the three months ended March 31, 2021 and 2020 and as a result of this action became classified as TDR Loans:

Three Months Ended March 31,	2021		2020
	(in millions)
Commercial loans:
Business and corporate banking	$	26	$	—
Global banking	15		12
Total commercial	41		12
Consumer loans:
Residential mortgages	16		4
Home equity mortgages	—		1
Credit cards	1		1
Total consumer	17		6
Total	$	58	$	18

Loans Classified as TDR Loans in Previous 12 Months that became 60 Days or Greater Delinquent

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 months ended March 31, 2021 and 2020:

Three Months Ended March 31,	2021		2020
	(in millions)
Consumer loans:
Residential mortgages	$	3	$	1
Total consumer	$	3	$	1

Commercial Loans [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Summary of Criticized Commercial Loans

The following table summarizes our criticized commercial loans, including a disaggregation of the loans by year of origination as of March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Mar. 31, 2021
	(in millions)
Real estate, including construction:
Special mention	$	—	$	—	$	162	$	205	$	210	$	376	$	—	$	—	$	953
Substandard	—		—		415				168		184		—		—		767
Doubtful	—		—		—		—		—		—		—		—		—
Total real estate, including construction	—		—		577		205		378		560		—		—		1,720
Business and corporate banking:
Special mention	—		18		21		63		29		463		575		36		1,205
Substandard	—		5		33		32		31		224		389		5		719
Doubtful	—		—		—		—		—		47		55		—		102
Total business and corporate banking	—		23		54		95		60		734		1,019		41		2,026
Global banking:
Special mention	—		—		—		—		—		105		70		—		175
Substandard	—		—		—		—		—		91		332		—		423
Doubtful	—		—		—		—		—		138		56		—		194
Total global banking	—		—		—		—		—		334		458		—		792
Other commercial:
Special mention	—		—		—		—		8		50		40		—		98
Substandard	—		—		—		—		—		70		—		—		70
Doubtful	—		—		—		—		—		—		—		—		—
Total other commercial	—		—		—		—		8		120		40		—		168
Total commercial:
Special mention	—		18		183		268		247		994		685		36		2,431
Substandard	—		5		448		32		199		569		721		5		1,979
Doubtful	—		—		—		—		—		185		111		—		296
Total commercial	$	—	$	23	$	631	$	300	$	446	$	1,748	$	1,517	$	41	$	4,706

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Dec. 31, 2020
	(in millions)
Real estate, including construction:
Special mention	$	—	$	306	$	115	$	171	$	85	$	437	$	—	$	—	$	1,114
Substandard	—		186		—		169		—		86		—		—		441
Doubtful	—		—		—		—		—		—		—		—		—
Total real estate, including construction	—		492		115		340		85		523		—		—		1,555
Business and corporate banking:
Special mention	17		71		43		32		10		390		600		48		1,211
Substandard	1		44		25		23		31		181		435		1		741
Doubtful	—		—		—		—		—		41		57		—		98
Total business and corporate banking	18		115		68		55		41		612		1,092		49		2,050
Global banking:
Special mention	—		—		—		—		—		142		98		—		240
Substandard	—		—		48		—		—		131		477		—		656
Doubtful	—		—		—		—		—		82		160		—		242
Total global banking	—		—		48		—		—		355		735		—		1,138
Other commercial:
Special mention	—		—		—		—		—		44		40		—		84
Substandard	—		—		—		—		—		70		—		—		70
Doubtful	—		—		—		—		—		—		—		—		—
Total other commercial	—		—		—		—		—		114		40		—		154
Total commercial:
Special mention	17		377		158		203		95		1,013		738		48		2,649
Substandard	1		230		73		192		31		468		912		1		1,908
Doubtful	—		—		—		—		—		123		217		—		340
Total commercial	$	18	$	607	$	231	$	395	$	126	$	1,604	$	1,867	$	49	$	4,897

Summary of Nonperforming Status

The following table summarizes the nonperforming status of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Mar. 31, 2021
	(in millions)
Real estate, including construction:
Performing loans	$	—	$	563	$	3,663	$	2,753	$	1,300	$	1,681	$	56	$	17	$	10,033
Nonaccrual loans	—		—		—		32		—		22		—		—		54
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total real estate, including construction	—		563		3,663		2,785		1,300		1,703		56		17		10,087
Business and corporate banking:
Performing loans	46		1,202		622		230		261		4,074		6,213		305		12,953
Nonaccrual loans	—		2		15		17		57		2		77		2		172
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total business and corporate banking	46		1,204		637		247		318		4,076		6,290		307		13,125
Global banking:
Performing loans	117		605		358		199		238		6,193		5,195		—		12,905
Nonaccrual loans	—		—		—		—		—		125		127		—		252
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total global banking	117		605		358		199		238		6,318		5,322		—		13,157
Other commercial:
Performing loans	44		436		402		215		113		780		2,793		—		4,783
Nonaccrual loans	—		—		—		—		—		—		—		—		—
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total other commercial	44		436		402		215		113		780		2,793		—		4,783
Total commercial:
Performing loans	207		2,806		5,045		3,397		1,912		12,728		14,257		322		40,674
Nonaccrual loans	—		2		15		49		57		149		204		2		478
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total commercial	$	207	$	2,808	$	5,060	$	3,446	$	1,969	$	12,877	$	14,461	$	324	$	41,152

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Dec. 31, 2020
	(in millions)
Real estate, including construction:
Performing loans	$	545	$	3,775	$	2,775	$	1,368	$	264	$	1,594	$	79	$	20	$	10,420
Nonaccrual loans	—		—		24		—		—		20		—		—		44
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total real estate, including construction	545		3,775		2,799		1,368		264		1,614		79		20		10,464
Business and corporate banking:
Performing loans	1,079		606		253		275		151		3,485		7,145		322		13,316
Nonaccrual loans	1		15		12		60		1		3		71		—		163
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total business and corporate banking	1,080		621		265		335		152		3,488		7,216		322		13,479
Global banking:
Performing loans	507		495		190		231		104		6,023		5,632		—		13,182
Nonaccrual loans	—		—		—		—		—		127		210		—		337
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total global banking	507		495		190		231		104		6,150		5,842		—		13,519
Other commercial:
Performing loans	378		431		215		105		119		630		2,259		—		4,137
Nonaccrual loans	—		—		—		—		—		—		—		—		—
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total other commercial	378		431		215		105		119		630		2,259		—		4,137
Total commercial:
Performing loans	2,509		5,307		3,433		1,979		638		11,732		15,115		342		41,055
Nonaccrual loans	1		15		36		60		1		150		281		—		544
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		—		—		—
Total commercial	$	2,510	$	5,322	$	3,469	$	2,039	$	639	$	11,882	$	15,396	$	342	$	41,599

Summary of Credit Quality Indicators

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 summarizes the credit risk profile of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Mar. 31, 2021
	(in millions)
Real estate, including construction:
Investment grade	$	—	$	339	$	917	$	979	$	342	$	542	$	5	$	—	$	3,124
Non-investment grade	—		224		2,746		1,806		958		1,161		51		17		6,963
Total real estate, including construction	—		563		3,663		2,785		1,300		1,703		56		17		10,087
Business and corporate banking:
Investment grade	16		340		176		40		30		1,820		2,145		36		4,603
Non-investment grade	30		864		461		207		288		2,256		4,145		271		8,522
Total business and corporate banking	46		1,204		637		247		318		4,076		6,290		307		13,125
Global banking:
Investment grade	117		567		331		52		234		4,146		4,044		—		9,491
Non-investment grade	—		38		27		147		4		2,172		1,278		—		3,666
Total global banking	117		605		358		199		238		6,318		5,322		—		13,157
Other commercial:
Investment grade	5		423		145		214		113		659		2,601		—		4,160
Non-investment grade	39		13		257		1		—		121		192		—		623
Total other commercial	44		436		402		215		113		780		2,793		—		4,783
Total commercial:
Investment grade	138		1,669		1,569		1,285		719		7,167		8,795		36		21,378
Non-investment grade	69		1,139		3,491		2,161		1,250		5,710		5,666		288		19,774
Total commercial	$	207	$	2,808	$	5,060	$	3,446	$	1,969	$	12,877	$	14,461	$	324	$	41,152

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total at Dec. 31, 2020
	(in millions)
Real estate, including construction:
Investment grade	$	339	$	1,123	$	817	$	318	$	179	$	640	$	6	$	—	$	3,422
Non-investment grade	206		2,652		1,982		1,050		85		974		73		20		7,042
Total real estate, including construction	545		3,775		2,799		1,368		264		1,614		79		20		10,464
Business and corporate banking:
Investment grade	342		147		37		34		23		1,486		2,499		47		4,615
Non-investment grade	738		474		228		301		129		2,002		4,717		275		8,864
Total business and corporate banking	1,080		621		265		335		152		3,488		7,216		322		13,479
Global banking:
Investment grade	464		477		46		231		30		4,618		4,281		—		10,147
Non-investment grade	43		18		144		—		74		1,532		1,561		—		3,372
Total global banking	507		495		190		231		104		6,150		5,842		—		13,519
Other commercial:
Investment grade	372		163		117		105		116		525		1,932		—		3,330
Non-investment grade	6		268		98		—		3		105		327		—		807
Total other commercial	378		431		215		105		119		630		2,259		—		4,137
Total commercial:
Investment grade	1,517		1,910		1,017		688		348		7,269		8,718		47		21,514
Non-investment grade	993		3,412		2,452		1,351		291		4,613		6,678		295		20,085
Total commercial	$	2,510	$	5,322	$	3,469	$	2,039	$	639	$	11,882	$	15,396	$	342	$	41,599

Consumer Loans [Member]

Accounts, Notes, Loans and Financing Receivable [Line Items]

Summary of TDR Loans

The following table summarizes TDR Loans in our consumer loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total at Mar. 31, 2021
	(in millions)
Residential mortgages	$	—	$	3	$	6	$	11	$	3	$	562	$	—	$	585
Home equity mortgages	—		—		—		—		—		31		—		31
Credit cards	—		—		—		—		—		—		5		5
Total consumer	$	—	$	3	$	6	$	11	$	3	$	593	$	5	$	621

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Dec. 31, 2020
	(in millions)
Residential mortgages	$	3	$	5	$	6	$	3	$	2	$	563	$	—	$	582
Home equity mortgages	—		—		—		—		—		31		—		31
Credit cards	—		—		—		—		—		—		5		5
Total consumer	$	3	$	5	$	6	$	3	$	2	$	594	$	5	$	618

Summary of Nonperforming Status

The following table summarizes the nonperforming status of our consumer loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total at Mar. 31, 2021
	(in millions)
Residential mortgages:
Performing loans	$	1,365	$	4,243	$	2,145	$	1,198	$	1,417	$	6,956	$	—	$	17,324
Nonaccrual loans	—		46		115		110		94		736		—		1,101
Total residential mortgages	1,365		4,289		2,260		1,308		1,511		7,692		—		18,425
Home equity mortgages:
Performing loans	3		51		49		32		33		466		—		634
Nonaccrual loans	—		—		1		1		1		61		—		64
Total home equity mortgages	3		51		50		33		34		527		—		698
Credit cards:
Performing loans	—		—		—		—		—		—		909		909
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		28		28
Total credit cards	—		—		—		—		—		—		937		937
Other consumer:
Performing loans	25		79		32		1		1		124		49		311
Accruing loans contractually past due 90 days or more	—		1		1		—		—		—		1		3
Total other consumer	25		80		33		1		1		124		50		314
Total consumer:
Performing loans	1,393		4,373		2,226		1,231		1,451		7,546		958		19,178
Nonaccrual loans	—		46		116		111		95		797		—		1,165
Accruing loans contractually past due 90 days or more	—		1		1		—		—		—		29		31
Total consumer	$	1,393	$	4,420	$	2,343	$	1,342	$	1,546	$	8,343	$	987	$	20,374

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Dec. 31, 2020
	(in millions)
Residential mortgages:
Performing loans	$	4,491	$	2,369	$	1,338	$	1,572	$	1,852	$	5,676	$	—	$	17,298
Nonaccrual loans	38		107		93		86		78		677		—		1,079
Total residential mortgages	4,529		2,476		1,431		1,658		1,930		6,353		—		18,377
Home equity mortgages:
Performing loans	50		51		33		34		45		451		—		664
Nonaccrual loans	—		—		1		1		2		59		—		63
Total home equity mortgages	50		51		34		35		47		510		—		727
Credit cards:
Performing loans	—		—		—		—		—		—		1,047		1,047
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		19		19
Total credit cards	—		—		—		—		—		—		1,066		1,066
Other consumer:
Performing loans	87		39		—		1		8		128		54		317
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		2		2
Total other consumer	87		39		—		1		8		128		56		319
Total consumer:
Performing loans	4,628		2,459		1,371		1,607		1,905		6,255		1,101		19,326
Nonaccrual loans	38		107		94		87		80		736		—		1,142
Accruing loans contractually past due 90 days or more	—		—		—		—		—		—		21		21
Total consumer	$	4,666	$	2,566	$	1,465	$	1,694	$	1,985	$	6,991	$	1,122	$	20,489

Summary of Credit Quality Indicators

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 March 31, 2021 and December 31, 2020:

	2021		2020		2019		2018		2017		Prior		Revolving Loans		Total at Mar. 31, 2021
	(in millions)
Residential mortgages(1)(2)	$	—	$	7	$	19	$	21	$	28	$	325	$	—	$	400
Home equity mortgages(1)(2)	—		—		—		—		—		25		—		25
Credit cards	—		—		—		—		—		—		36		36
Other consumer	—		1		1		—		—		5		2		9
Total consumer	$	—	$	8	$	20	$	21	$	28	$	355	$	38	$	470

	2020		2019		2018		2017		2016		Prior		Revolving Loans		Total at Dec. 31, 2020
	(in millions)
Residential mortgages(1)(2)	$	3	$	15	$	13	$	25	$	19	$	329	$	—	$	404
Home equity mortgages(1)(2)	—		—		—		—		—		25		—		25
Credit cards	—		—		—		—		—		—		28		28
Other consumer	1		1		—		—		—		—		2		8
Total consumer	$	4	$	16	$	13	$	25	$	19	$	354	$	30	$	465

(1)At March 31, 2021 and December 31, 2020, consumer mortgage loan delinquency includes $273 million and $281 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 March 31, 2021 and December 31, 2020, consumer mortgage loans include $102 million and $109 million, respectively, of loans that were in the process of foreclosure.