SunTrust 2013 Annual Report Download - page 145
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Notes to Consolidated Financial Statements, continued
129
Restructured Loans
TDRs are loans in which the borrower is experiencing financial difficulty and the Company has granted an economic concession
to the borrower that it would not otherwise consider. When loans are modified under the terms of a TDR, the Company typically
offers the borrower an extension of the loan maturity date and/or a reduction in the original contractual interest rate. In certain
situations, the Company may offer to restructure a loan in a manner that ultimately results in the forgiveness of contractually
specified principal balances.
At December 31, 2013 and 2012, the Company had $8 million and $1 million, respectively, in commitments to lend additional
funds to debtors whose terms have been modified in a TDR.
The number and amortized cost of loans modified under the terms of a TDR during the years ended December 31, 2013, 2012,
and 2011, by type of modification, are shown in the following tables:
20131
(Dollars in millions)
Number of
Loans
Modified
Principal
Forgiveness 2Rate
Modification 3
Term Extension
and/or Other
Concessions Total
Commercial loans:
C&I 152 $18 $2 $105 $125
CRE 6— 314
Commercial construction 1————
Residential loans:
Residential mortgages - nonguaranteed 1,584 1 166 94 261
Home equity products 2,630 — 71 75 146
Residential construction 259 — 24 3 27
Consumer loans:
Other direct 140 — 1 3 4
Indirect 3,409 — — 65 65
Credit cards 593 — 3 — 3
Total TDRs 8,774 $19 $270 $346 $635
1 Includes loans modified under the terms of a TDR that were charged-off during the period.
2 Restructured loans which had forgiveness of amounts contractually due under the terms of the loan typically have had multiple concessions including rate
modifications and/or term extensions. The total amount of charge-offs associated with principal forgiveness during the year ended December 31, 2013 was $2
million.
3 Restructured loans which had a modification of the loan's contractual interest rate may also have had an extension of the loan's contractual maturity date and/
or other concessions. The financial effect of modifying the interest rate on the loans modified as a TDR was immaterial to the financial statements during the
year ended December 31, 2013.