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Notes to Consolidated Financial Statements, continued
99
Restructured Loans
A TDR is a loan for which the Company has granted an economic
concession to the borrower, in response to certain instances of
financial difficulty experienced by the borrower that the
Company would not have otherwise considered. When a loan is
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 a
contractually specified principal balance.
At December 31, 2015 and 2014, the Company had $4
million and $1 million, respectively, of 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 by type of modification are shown in the
following tables.
2015 1
(Dollars in millions)
Number of
Loans
Modified
Principal
Forgiveness 2Rate
Modification
Term Extension
and/or Other
Concessions Total
Commercial loans:
C&I 79 $— $1 $8 $9
CRE 1 — — — —
Residential loans:
Residential mortgages - nonguaranteed 789 12 129 25 166
Residential home equity products 2,172 — 25 113 138
Residential construction 23 — 6 — 6
Consumer loans:
Other direct 66 — — 1 1
Indirect 2,578 — — 52 52
Credit cards 683 — 3 — 3
Total TDRs 6,391 $12 $164 $199 $375
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 may have had other concessions including rate modifications and/or term
extensions. The total amount of charge-offs associated with principal forgiveness during the year ended December 31, 2015 was $2 million.
2014 1
(Dollars in millions)
Number of
Loans
Modified
Principal
Forgiveness 2Rate
Modification
Term Extension
and/or Other
Concessions Total
Commercial loans:
C&I 78 $— $1 $37 $38
CRE 6 4 — 3 7
Residential loans:
Residential mortgages - nonguaranteed 1,135 10 127 44 181
Residential home equity products 1,977 — 7 86 93
Residential construction 11 — 1 — 1
Consumer loans:
Other direct 71 — — 1 1
Indirect 2,928 — — 57 57
Credit cards 450 — 2 — 2
Total TDRs 6,656 $14 $138 $228 $380
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 may have had other concessions including rate modifications and/or term
extensions. The total amount of charge-offs associated with principal forgiveness during the year ended December 31, 2014 was $14 million.