XML 23 R14.htm IDEA: XBRL DOCUMENT v3.22.1
Loans
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Loans Loans
Loans consisted of the following:
March 31, 2022December 31, 2021
 (in millions)
Commercial loans:
Real estate, including construction$8,020 $8,234 
Business and corporate banking15,305 13,958 
Global banking(1)
11,948 11,109 
Other commercial:
Affiliates(2)
3,438 2,793 
Other3,743 3,702 
Total other commercial7,181 6,495 
Total commercial42,454 39,796 
Consumer loans:
Residential mortgages15,573 15,469 
Home equity mortgages306 325 
Credit cards205 204 
Other consumer72 70 
Total consumer16,156 16,068 
Total loans$58,610 $55,864 
(1)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.
(2)See Note 14, "Related Party Transactions," for additional information regarding loans to HSBC affiliates.
Net deferred origination costs totaled $31 million and $40 million at March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, we had a net unamortized premium on our loans of $3 million and $5 million, respectively.
Aging Analysis of Past Due Loans  The following table summarizes the past due status of our loans at March 31, 2022 and December 31, 2021. 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.
 Past DueTotal Past Due 30 Days or More  
30 - 89 Days90+ Days
Current(1)
Total Loans
 (in millions)
At March 31, 2022
Commercial loans:
Real estate, including construction$8 $— $8 $8,012 $8,020 
Business and corporate banking
43 17 60 15,245 15,305 
Global banking— 12 12 11,936 11,948 
Other commercial8 — 8 7,173 7,181 
Total commercial59 29 88 42,366 42,454 
Consumer loans:
Residential mortgages
130 20 150 15,423 15,573 
Home equity mortgages1 1 2 304 306 
Credit cards2 1 3 202 205 
Other consumer— — — 72 72 
Total consumer133 22 155 16,001 16,156 
Total loans$192 $51 $243 $58,367 $58,610 
At December 31, 2021
Commercial loans:
Real estate, including construction$38 $— $38 $8,196 $8,234 
Business and corporate banking
112 17 129 13,829 13,958 
Global banking— 27 27 11,082 11,109 
Other commercial47 — 47 6,448 6,495 
Total commercial197 44 241 39,555 39,796 
Consumer loans:
Residential mortgages
138 63 201 15,268 15,469 
Home equity mortgages2 1 3 322 325 
Credit cards5 2 7 197 204 
Other consumer1 — 1 69 70 
Total consumer146 66 212 15,856 16,068 
Total loans$343 $110 $453 $55,411 $55,864 
(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 LoansAccruing Loans Contractually Past Due 90 Days or MoreNonaccrual Loans With No Allowance For Credit Losses
 (in millions)
At March 31, 2022
Commercial:
Real estate, including construction$92 $— $18 
Business and corporate banking107 1 52 
Global banking91 — 63 
Other commercial1 — 1 
Total commercial291 1 134 
Consumer:
Residential mortgages(1)(2)(3)
131 — 38 
Home equity mortgages(1)(2)
6 — 3 
Credit cards— 1 — 
Total consumer137 1 41 
Total nonperforming loans$428 $2 $175 
At December 31, 2021
Commercial:
Real estate, including construction$140 $— $20 
Business and corporate banking134 1 69 
Global banking105 — 63 
Total commercial379 1 152 
Consumer:
Residential mortgages(1)(2)(3)
229 — 55 
Home equity mortgages(1)(2)
9 — 4 
Credit cards— 2 — 
Total consumer238 2 59 
Total nonperforming loans$617 $3 $211 
(1)At March 31, 2022 and December 31, 2021, nonaccrual consumer mortgage loans include $63 million and $86 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.
(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.
Interest income that was recorded on nonaccrual loans and included in interest income totaled $3 million and $15 million during the three months ended March 31, 2022 and 2021, respectively.
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.
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 March 31, 2022 and December 31, 2021, we had collateral-dependent residential mortgage loans totaling $197 million and $214 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 March 31, 2022 and December 31, 2021, we had collateral-dependent commercial loans totaling $260 million and $347 million, respectively.
Troubled debt restructurings ("TDR Loans")  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 restructuring. During the three months ended March 31, 2022 and 2021, there were no commercial loans that met these criteria and were removed from TDR Loan classification.
The following table summarizes our TDR Loans at March 31, 2022 and December 31, 2021:
March 31, 2022December 31, 2021
 (in millions)
Commercial loans:
Business and corporate banking$15 $38 
Global banking8 25 
Total commercial(1)
23 63 
Consumer loans:
Residential mortgages(2)
122 125 
Home equity mortgages(2)
9 9 
Credit cards3 3 
Total consumer134 137 
Total TDR Loans(3)
$157 $200 
(1)Additional commitments to lend to commercial borrowers whose loans have been modified in TDR Loans totaled $14 million and $13 million at March 31, 2022 and December 31, 2021, respectively.
(2)At March 31, 2022 and December 31, 2021, the carrying value of consumer mortgage TDR Loans includes $95 million and $104 million, respectively, of loans that are recorded at the lower of amortized cost or fair value of the collateral less cost to sell.
(3)At March 31, 2022 and December 31, 2021, the carrying value of TDR Loans includes $67 million and $115 million, respectively, of loans which are classified as nonaccrual.
The following table presents information about loans which were modified during the three months ended March 31, 2022 and 2021 and as a result of this action became classified as TDR Loans:
Three Months Ended March 31,20222021
(in millions)
Commercial loans:
Business and corporate banking$2 $26 
Global banking— 15 
Total commercial2 41 
Consumer loans:
Residential mortgages7 16 
Credit cards2 1 
Total consumer9 17 
Total$11 $58 
The weighted-average contractual rate reduction for consumer loans which became classified as TDR Loans during the three months ended March 31, 2022 and 2021 was 1.09 percent and 1.97 percent, respectively. The weighted-average contractual rate reduction for commercial loans was not significant in either the number of loans or rate.
The following table presents consumer loans which were classified as TDR Loans during the previous 12 months which subsequently became 60 days or greater contractually delinquent during the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,20222021
(in millions)
Consumer loans:
Residential mortgages$— $3 
Total consumer$— $3 
During the three months ended March 31, 2022 and 2021, there were no commercial TDR Loans which were classified as TDR Loans during the previous 12 months which subsequently became 90 days or greater contractually delinquent.
Commercial Loan Credit Quality Indicators  The following credit quality indicators are utilized to monitor our commercial loan portfolio:
Criticized loans  Criticized loan classifications presented in the table below are determined by the assignment of various criticized facility grades based on the risk rating standards of our regulator. The following facility grades are deemed to be criticized:
Special Mention - generally includes loans that are protected by collateral and/or the credit worthiness of the customer, but are potentially weak based upon economic or market circumstances which, if not checked or corrected, could weaken our credit position at some future date.
Substandard - includes loans that are inadequately protected by the underlying collateral and/or general credit worthiness of the customer. These loans present a distinct possibility that we will sustain some loss if the deficiencies are not corrected.
Doubtful - includes loans that have all the weaknesses exhibited by substandard loans, with the added characteristic that the weaknesses make collection or liquidation in full of the recorded loan highly improbable. However, although the possibility of loss is extremely high, certain factors exist which may strengthen the credit at some future date, and therefore the decision to charge-off the loan is deferred. Loans graded as doubtful are required to be placed in nonaccrual status.
The following table summarizes our criticized commercial loans, including a disaggregation of the loans by year of origination as of March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Mar. 31, 2022
 (in millions)
Real estate, including construction:
Special mention$— $— $90 $175 $448 $324 $— $1 $1,038 
Substandard— — 1 138 245 855 20 11 1,270 
Doubtful— — — 76 2 11 — — 89 
Total real estate, including construction— — 91 389 695 1,190 20 12 2,397 
Business and corporate banking:
Special mention— — 10 91 30 166 110 15 422 
Substandard— 1 28 34 8 188 545 17 821 
Doubtful— — — — 20 14 21 — 55 
Total business and corporate banking— 1 38 125 58 368 676 32 1,298 
Global banking:
Special mention— — — — — 8 36 — 44 
Substandard— — 232 17 — 15 217 — 481 
Doubtful— — — — — — 16 — 16 
Total global banking— — 232 17 — 23 269 — 541 
Other commercial:
Special mention— — — — — 4 — — 4 
Substandard— — — — — 3 25 — 28 
Total other commercial— — — — — 7 25 — 32 
Total commercial:
Special mention— — 100 266 478 502 146 16 1,508 
Substandard— 1 261 189 253 1,061 807 28 2,600 
Doubtful— — — 76 22 25 37 — 160 
Total commercial$— $1 $361 $531 $753 $1,588 $990 $44 $4,268 
    
20212020201920182017PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Dec. 31, 2021
 (in millions)
Real estate, including construction:
Special mention$— $— $350 $487 $90 $259 $— $— $1,186 
Substandard— 1 272 263 308 461 20 11 1,336 
Doubtful— — 80 2 — 53 — — 135 
Total real estate, including construction— 1 702 752 398 773 20 11 2,657 
Business and corporate banking:
Special mention— 1 91 60 26 274 173 — 625 
Substandard— 18 36 9 3 226 424 8 724 
Doubtful— — — 20 — 28 16 — 64 
Total business and corporate banking— 19 127 89 29 528 613 8 1,413 
Global banking:
Special mention8 — — — — 8 47 — 63 
Substandard— — — — — 54 232 — 286 
Doubtful— — — — — — 31 — 31 
Total global banking8 — — — — 62 310 — 380 
Other commercial:
Special mention— — — — — 7 — — 7 
Substandard— — — — — — 40 — 40 
Total other commercial— — — — — 7 40 — 47 
Total commercial:
Special mention8 1 441 547 116 548 220 — 1,881 
Substandard— 19 308 272 311 741 716 19 2,386 
Doubtful— — 80 22 — 81 47 — 230 
Total commercial$8 $20 $829 $841 $427 $1,370 $983 $19 $4,497 
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 March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Mar. 31, 2022
 (in millions)
Real estate, including construction:
Performing loans$315 $992 $622 $2,070 $1,936 $1,921 $56 $16 $7,928 
Nonaccrual loans— — — 76 — 16 — — 92 
Total real estate, including construction315 992 622 2,146 1,936 1,937 56 16 8,020 
Business and corporate banking:
Performing loans197 1,384 642 661 193 4,647 7,277 196 15,197 
Nonaccrual loans— — 4 — 20 50 33 — 107 
Accruing loans contractually past due 90 days or more— — — — — — 1 — 1 
Total business and corporate banking197 1,384 646 661 213 4,697 7,311 196 15,305 
Global banking:
Performing loans322 581 525 149 100 4,925 5,255 — 11,857 
Nonaccrual loans— — — — — 38 53 — 91 
Total global banking322 581 525 149 100 4,963 5,308 — 11,948 
Other commercial:
Performing loans10 516 543 418 205 1,166 4,322 — 7,180 
Nonaccrual loans— — — — — 1 — — 1 
Total other commercial10 516 543 418 205 1,167 4,322 — 7,181 
Total commercial:
Performing loans844 3,473 2,332 3,298 2,434 12,659 16,910 212 42,162 
Nonaccrual loans— — 4 76 20 105 86 — 291 
Accruing loans contractually past due 90 days or more— — — — — — 1 — 1 
Total commercial$844 $3,473 $2,336 $3,374 $2,454 $12,764 $16,997 $212 $42,454 
20212020201920182017PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Dec. 31, 2021
 (in millions)
Real estate, including construction:
Performing loans$969 $651 $2,436 $2,076 $593 $1,307 $46 $16 $8,094 
Nonaccrual loans— 2 80 40 — 18 — — 140 
Total real estate, including construction969 653 2,516 2,116 593 1,325 46 16 8,234 
Business and corporate banking:
Performing loans1,630 709 594 190 187 4,756 5,540 217 13,823 
Nonaccrual loans— 4 14 30 51 1 34 — 134 
Accruing loans contractually past due 90 days or more— — — — — — 1 — 1 
Total business and corporate banking1,630 713 608 220 238 4,757 5,575 217 13,958 
Global banking:
Performing loans547 540 203 80 243 4,580 4,811 — 11,004 
Nonaccrual loans— — — — — 40 65 — 105 
Total global banking547 540 203 80 243 4,620 4,876 — 11,109 
Other commercial:
Performing loans589 552 451 174 110 1,045 3,574 — 6,495 
Total other commercial589 552 451 174 110 1,045 3,574 — 6,495 
Total commercial:
Performing loans3,735 2,452 3,684 2,520 1,133 11,688 13,971 233 39,416 
Nonaccrual loans— 6 94 70 51 59 99 — 379 
Accruing loans contractually past due 90 days or more— — — — — — 1 — 1 
Total commercial$3,735 $2,458 $3,778 $2,590 $1,184 $11,747 $14,071 $233 $39,796 
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 summarizes the credit risk profile of our commercial loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Mar. 31, 2022
 (in millions)
Real estate, including construction:
Investment grade$165 $52 $367 $498 $913 $297 $23 $— $2,315 
Non-investment grade150 940 255 1,648 1,023 1,640 33 16 5,705 
Total real estate, including construction315 992 622 2,146 1,936 1,937 56 16 8,020 
Business and corporate banking:
Investment grade64 781 336 280 41 2,409 3,217 23 7,151 
Non-investment grade133 603 310 381 172 2,288 4,094 173 8,154 
Total business and corporate banking197 1,384 646 661 213 4,697 7,311 196 15,305 
Global banking:
Investment grade312 560 292 144 82 4,110 4,713 — 10,213 
Non-investment grade10 21 233 5 18 853 595 — 1,735 
Total global banking322 581 525 149 100 4,963 5,308 — 11,948 
Other commercial:
Investment grade7 105 460 121 205 977 4,126 — 6,001 
Non-investment grade3 411 83 297 — 190 196 — 1,180 
Total other commercial10 516 543 418 205 1,167 4,322 — 7,181 
Total commercial:
Investment grade548 1,498 1,455 1,043 1,241 7,793 12,079 23 25,680 
Non-investment grade296 1,975 881 2,331 1,213 4,971 4,918 189 16,774 
Total commercial$844 $3,473 $2,336 $3,374 $2,454 $12,764 $16,997 $212 $42,454 
20212020201920182017PriorRevolving
Loans		Revolving Loans Converted to Term LoansTotal at Dec. 31, 2021
 (in millions)
Real estate, including construction:
Investment grade$1 $361 $491 $772 $57 $248 $12 $— $1,942 
Non-investment grade968 292 2,025 1,344 536 1,077 34 16 6,292 
Total real estate, including construction969 653 2,516 2,116 593 1,325 46 16 8,234 
Business and corporate banking:
Investment grade881 254 240 52 43 2,122 2,498 55 6,145 
Non-investment grade749 459 368 168 195 2,635 3,077 162 7,813 
Total business and corporate banking1,630 713 608 220 238 4,757 5,575 217 13,958 
Global banking:
Investment grade530 539 189 64 235 3,910 4,240 — 9,707 
Non-investment grade17 1 14 16 8 710 636 — 1,402 
Total global banking547 540 203 80 243 4,620 4,876 — 11,109 
Other commercial:
Investment grade120 442 153 174 69 943 3,527 — 5,428 
Non-investment grade469 110 298 — 41 102 47 — 1,067 
Total other commercial589 552 451 174 110 1,045 3,574 — 6,495 
Total commercial:
Investment grade1,532 1,596 1,073 1,062 404 7,223 10,277 55 23,222 
Non-investment grade2,203 862 2,705 1,528 780 4,524 3,794 178 16,574 
Total commercial$3,735 $2,458 $3,778 $2,590 $1,184 $11,747 $14,071 $233 $39,796 
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 March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Total at Mar. 31, 2022
 (in millions)
Residential mortgages(1)(2)
$— $10 $2 $1 $3 $26 $— $42 
Home equity mortgages(1)(2)
— — — — — 1 — 1 
Credit cards— — — — — — 2 2 
Total consumer$— $10 $2 $1 $3 $27 $2 $45 
20212020201920182017PriorRevolving
Loans		Total at Dec. 31, 2021
 (in millions)
Residential mortgages(1)(2)
$5 $2 $11 $13 $8 $64 $— $103 
Home equity mortgages(1)(2)
— — — — — 1 — 1 
Credit cards— — — — — — 3 3 
Total consumer$5 $2 $11 $13 $8 $65 $3 $107 
(1)At March 31, 2022 and December 31, 2021, consumer mortgage loan delinquency includes $7 million and $24 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, 2022 and December 31, 2021, consumer mortgage loans include $7 million and $87 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 March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Total at Mar. 31, 2022
 (in millions)
Residential mortgages:
Performing loans$949 $4,397 $3,145 $1,405 $795 $4,751 $— $15,442 
Nonaccrual loans
— — 4 7 13 107 — 131 
Total residential mortgages949 4,397 3,149 1,412 808 4,858 — 15,573 
Home equity mortgages:
Performing loans5 16 32 30 17 200 — 300 
Nonaccrual loans
— — — — — 6 — 6 
Total home equity mortgages5 16 32 30 17 206 — 306 
Credit cards:
Performing loans— — — — — — 204 204 
Accruing loans contractually past due 90 days or more
— — — — — — 1 1 
Total credit cards— — — — — — 205 205 
Other consumer:
Performing loans— 9 8 5 2 46 2 72 
Total other consumer— 9 8 5 2 46 2 72 
Total consumer:
Performing loans954 4,422 3,185 1,440 814 4,997 206 16,018 
Nonaccrual loans— — 4 7 13 113 — 137 
Accruing loans contractually past due 90 days or more
— — — — — — 1 1 
Total consumer$954 $4,422 $3,189 $1,447 $827 $5,110 $207 $16,156 
20212020201920182017PriorRevolving
Loans		Total at Dec. 31, 2021
 (in millions)
Residential mortgages:
Performing loans$4,496 $3,296 $1,481 $851 $955 $4,161 $— $15,240 
Nonaccrual loans
2 9 15 21 14 168 — 229 
Total residential mortgages4,498 3,305 1,496 872 969 4,329 — 15,469 
Home equity mortgages:
Performing loans15 30 30 18 17 206 — 316 
Nonaccrual loans
— — — — — 9 — 9 
Total home equity mortgages15 30 30 18 17 215 — 325 
Credit cards:
Performing loans— — — — — — 202 202 
Accruing loans contractually past due 90 days or more
— — — — — — 2 2 
Total credit cards— — — — — — 204 204 
Other consumer:
Performing loans8 8 5 1 1 45 2 70 
Total other consumer8 8 5 1 1 45 2 70 
Total consumer:
Performing loans4,519 3,334 1,516 870 973 4,412 204 15,828 
Nonaccrual loans2 9 15 21 14 177 — 238 
Accruing loans contractually past due 90 days or more
— — — — — — 2 2 
Total consumer$4,521 $3,343 $1,531 $891 $987 $4,589 $206 $16,068 
Troubled debt restructurings  The following table summarizes TDR Loans in our consumer loan portfolio, including a disaggregation of the loans by year of origination as of March 31, 2022 and December 31, 2021:
20222021202020192018PriorRevolving
Loans		Total at Mar. 31, 2022
 (in millions)
Residential mortgages$— $— $1 $7 $3 $111 $— $122 
Home equity mortgages— — — — — 9 — 9 
Credit cards— — — — — — 3 3 
Total consumer$— $— $1 $7 $3 $120 $3 $134 
20212020201920182017PriorRevolving
Loans		Total at Dec. 31, 2021
 (in millions)
Residential mortgages$— $1 $3 $3 $— $118 $— $125 
Home equity mortgages— — — — — 9 — 9 
Credit cards— — — — — — 3 3 
Total consumer$— $1 $3 $3 $— $127 $3 $137 
Concentration of Credit Risk  At March 31, 2022 and December 31, 2021, our loan portfolios included interest-only residential mortgage and home equity mortgage loans totaling $3,779 million and $3,739 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.