Our loan portfolio consists of loans held for investment, including loans held in our consolidated trusts, and loans held for sale. We further divide our loans held for investment into three portfolio segments: credit card, consumer banking and commercial banking. Credit card loans consist of domestic and international credit card loans. Consumer banking loans consist of auto and retail banking loans. Commercial banking loans consist of commercial and multifamily real estate as well as commercial and industrial loans. The information presented in this section excludes loans held for sale, which are carried at either fair value (if we elect the fair value option) or at the lower of cost or fair value.

Accrued interest receivable of $1.3 billion and $1.2 billion as of March 31, 2022 and December 31, 2021, respectively, is not included in the tables in this note. The table below presents the composition and aging analysis of our loans held for investment portfolio as of March 31, 2022 and December 31, 2021. The delinquency aging includes all past due loans, both performing and nonperforming.


	March 31, 2022
				Delinquent Loans
(Dollars in millions)	Current			30-59 Days			60-89 Days			> 90 Days			Total Delinquent Loans			Total Loans
Credit Card:
Domestic credit card	$	105,484		$	754		$	558		$	1,191		$	2,503		$	107,987
International card businesses	5,756			75			50			94			219			5,975
Total credit card	111,240			829			608			1,285			2,722			113,962
Consumer Banking:
Auto	75,319			2,268			812			205			3,285			78,604
Retail banking	1,692			9			5			20			34			1,726
Total consumer banking	77,011			2,277			817			225			3,319			80,330
Commercial Banking:
Commercial and multifamily real estate	34,272			31			9			42			82			34,354
Commercial and industrial	51,746			15			8			51			74			51,820
Total commercial banking	86,018			46			17			93			156			86,174
Total loans(1)	$	274,269		$	3,152		$	1,442		$	1,603		$	6,197		$	280,466
% of Total loans	97.79		%	1.13		%	0.51		%	0.57		%	2.21		%	100.00		%


	December 31, 2021
				Delinquent Loans
(Dollars in millions)	Current			30-59 Days			60-89 Days			> 90 Days			Total Delinquent Loans			Total Loans
Credit Card:
Domestic credit card	$	106,312		$	773		$	528		$	1,110		$	2,411		$	108,723
International card businesses	5,836			77			50			86			213			6,049
Total credit card	112,148			850			578			1,196			2,624			114,772
Consumer Banking:
Auto	72,221			2,385			933			240			3,558			75,779
Retail banking	1,807			35			7			18			60			1,867
Total consumer banking	74,028			2,420			940			258			3,618			77,646
Commercial Banking:
Commercial and multifamily real estate	35,100			92			35			35			162			35,262
Commercial and industrial	49,379			139			103			39			281			49,660
Total commercial banking	84,479			231			138			74			443			84,922
Total loans(1)	$	270,655		$	3,501		$	1,656		$	1,528		$	6,685		$	277,340
% of Total loans	97.59		%	1.26		%	0.60		%	0.55		%	2.41		%	100.00		%

__________

The following table presents our loans held for investment that are 90 days or more past due that continue to accrue interest, loans that are classified as nonperforming and loans that are classified as nonperforming without an allowance as of March 31, 2022 and December 31, 2021. Nonperforming loans generally include loans that have been placed on nonaccrual status.


	March 31, 2022									December 31, 2021
(Dollars in millions)	> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance			> 90 Days and Accruing			Nonperforming Loans(1)			Nonperforming Loans Without an Allowance
Credit Card:
Domestic credit card	$	1,191		N/A			$	0		$	1,110		N/A			$	0
International card businesses	91			$	8		0			82			$	10		0
Total credit card	1,282			8			0			1,192			10			0
Consumer Banking:
Auto	0			325			0			0			344			0
Retail banking	0			45			0			0			47			4
Total consumer banking	0			370			0			0			391			4
Commercial Banking:
Commercial and multifamily real estate	12			335			221			3			383			268
Commercial and industrial	0			360			235			0			316			257
Total commercial banking	12			695			456			3			699			525
Total	$	1,294		$	1,073		$	456		$	1,195		$	1,100		$	529
% of Total loans held for investment	0.46		%	0.38		%	0.16		%	0.43		%	0.40		%	0.19		%

__________

We closely monitor economic conditions and loan performance trends to assess and manage our exposure to credit risk. We discuss these risks and our credit quality indicator for each portfolio segment below.

Our credit card loan portfolio is highly diversified across millions of accounts and numerous geographies without significant individual exposure. We therefore generally manage credit risk based on portfolios with common risk characteristics. The risk in our credit card loan portfolio correlates to broad economic trends, such as unemployment rates and and the U.S. Real Gross Domestic Product (“GDP”) Rate, as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we assess in monitoring the credit quality and risk of our credit card loan portfolio is delinquency trends, including an analysis of loan migration between delinquency categories over time.


	March 31, 2022						December 31, 2021
(Dollars in millions)	Revolving Loans		Revolving Loans Converted to Term		Total		Revolving Loans		Revolving Loans Converted to Term		Total
Credit Card:
Domestic credit card:
Current	$	105,190	$	294	$	105,484	$	105,985	$	327	$	106,312
30-59 days	742		12		754		760		13		773
60-89 days	550		8		558		519		9		528
Greater than 90 days	1,181		10		1,191		1,100		10		1,110
Total domestic credit card	107,663		324		107,987		108,364		359		108,723

International card businesses:
Current	5,718		38		5,756		5,795		41		5,836
30-59 days	71		4		75		73		4		77
60-89 days	47		3		50		47		3		50
Greater than 90 days	90		4		94		82		4		86
Total international card businesses	5,926		49		5,975		5,997		52		6,049
Total credit card	$	113,589	$	373	$	113,962	$	114,361	$	411	$	114,772

Our consumer banking loan portfolio consists of auto and retail banking loans. Similar to our credit card loan portfolio, the risk in our consumer banking loan portfolio correlates to broad economic trends as well as consumers’ financial condition, all of which can have a material effect on credit performance. The key indicator we monitor when assessing the credit quality and risk of our auto loan portfolio is borrower credit scores as they measure the creditworthiness of borrowers. Delinquency trends are the key indicator we assess in monitoring the credit quality and risk of our retail banking loan portfolio.

The table below presents our consumer banking portfolio of loans held for investment by credit quality indicator as of March 31, 2022 and December 31, 2021. We present our auto loan portfolio by FICO scores at origination and our retail banking loan portfolio by delinquency status, which includes all past due loans, both performing and nonperforming.


	March 31, 2022
	Term Loans by Vintage Year
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	6,942	$	18,859	$	7,644	$	4,089	$	1,978	$	1,052	$	40,564	$	0	$	0	$	40,564
621-660	2,124		6,797		3,276		1,820		909		520		15,446		0		0		15,446
620 or below	2,489		8,707		5,596		3,272		1,559		971		22,594		0		0		22,594
Total auto	11,555		34,363		16,516		9,181		4,446		2,543		78,604		0		0		78,604

Retail banking—Delinquency status:
Current	111		195		114		161		155		614		1,350		336		6		1,692
30-59 days	0		0		1		0		0		1		2		7		0		9
60-89 days	0		1		2		0		0		0		3		2		0		5
Greater than 90 days	0		0		0		0		3		12		15		3		2		20
Total retail banking(2)	111		196		117		161		158		627		1,370		348		8		1,726
Total consumer banking	$	11,666	$	34,559	$	16,633	$	9,342	$	4,604	$	3,170	$	79,974	$	348	$	8	$	80,330


	December 31, 2021
	Term Loans by Vintage Year
(Dollars in millions)	2021		2020		2019		2018		2017		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total

Auto—At origination FICO scores:(1)
Greater than 660	$	20,758	$	8,630	$	4,739	$	2,394	$	1,153	$	301	$	37,975	$	0	$	0	$	37,975
621-660	7,456		3,721		2,109		1,084		537		157		15,064		0		0		15,064
620 or below	9,522		6,336		3,767		1,840		949		326		22,740		0		0		22,740
Total auto	37,736		18,687		10,615		5,318		2,639		784		75,779		0		0		75,779

Retail banking—Delinquency status:
Current	285		171		172		161		176		491		1,456		345		6		1,807
30-59 days	0		2		2		7		0		1		12		23		0		35
60-89 days	0		4		0		0		0		2		6		1		0		7
Greater than 90 days	0		1		0		1		1		9		12		4		2		18
Total retail banking(2)	285		178		174		169		177		503		1,486		373		8		1,867
Total consumer banking	$	38,021	$	18,865	$	10,789	$	5,487	$	2,816	$	1,287	$	77,265	$	373	$	8	$	77,646

__________

(1)Amounts represent period-end loans held for investment in each credit score category. Auto credit scores generally represent average FICO scores obtained from three credit bureaus at the time of application and are not refreshed thereafter. Balances for which no credit score is available or the credit score is invalid are included in the 620 or below category.

The key credit quality indicator for our commercial loan portfolios is our internal risk ratings. We assign internal risk ratings to loans based on relevant information about the ability of the borrowers to repay their debt. In determining the risk rating of a particular loan, some of the factors considered are the borrower’s current financial condition, historical and projected future credit performance, prospects for support from financially responsible guarantors, the estimated realizable value of any collateral and current economic trends. The scale based on our internal risk rating system is as follows:

•Criticized performing: Loans in which the financial condition of the obligor is stressed, affecting earnings, cash flows or collateral values. The borrower currently has adequate capacity to meet near-term obligations; however, the stress, left unabated, may result in deterioration of the repayment prospects at some future date.

•Criticized nonperforming: Loans that are not adequately protected by the current net worth and paying capacity of the obligor or the collateral pledged, if any. Loans classified as criticized nonperforming have a well-defined weakness, or weaknesses, which jeopardize the full repayment of the debt. These loans are characterized by the distinct possibility that we will sustain a credit loss if the deficiencies are not corrected and are generally placed on nonaccrual status.

We use our internal risk rating system for regulatory reporting, determining the frequency of credit exposure reviews, and evaluating and determining the allowance for credit losses for commercial loans. Generally, loans that are designated as criticized performing and criticized nonperforming are reviewed quarterly by management to determine if they are appropriately classified/rated and whether any impairment exists. Noncriticized loans are also generally reviewed, at least annually, to determine the appropriate risk rating. In addition, we evaluate the risk rating during the renewal process of any loan or if a loan becomes past due.

The following table presents our commercial banking portfolio of loans held for investment by internal risk ratings as of March 31, 2022 and December 31, 2021. The internal risk rating status includes all past due loans, both performing and nonperforming.


	March 31, 2022
	Term Loans by Vintage Year
(Dollars in millions)	2022		2021		2020		2019		2018		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	2,602	$	5,454	$	1,955	$	2,922	$	2,222	$	4,061	$	19,216	$	11,831	$	120	$	31,167
Criticized performing	262		108		286		423		230		1,483		2,792		60		0		2,852
Criticized nonperforming	0		0		0		87		19		229		335		0		0		335
Total commercial and multifamily real estate	2,864		5,562		2,241		3,432		2,471		5,773		22,343		11,891		120		34,354
Commercial and industrial
Noncriticized	6,318		9,704		6,415		4,586		2,527		4,269		33,819		15,419		181		49,419
Criticized performing	356		220		149		508		184		160		1,577		464		0		2,041
Criticized nonperforming	16		19		51		148		54		41		329		31		0		360
Total commercial and industrial	6,690		9,943		6,615		5,242		2,765		4,470		35,725		15,914		181		51,820
Total commercial banking(2)	$	9,554	$	15,505	$	8,856	$	8,674	$	5,236	$	10,243	$	58,068	$	27,805	$	301	$	86,174


	December 31, 2021
	Term Loans by Vintage Year
(Dollars in millions)	2021		2020		2019		2018		2017		Prior		Total Term Loans		Revolving Loans		Revolving Loans Converted to Term		Total
Internal risk rating:(1)
Commercial and multifamily real estate
Noncriticized	$	6,590	$	2,924	$	3,393	$	2,401	$	793	$	3,538	$	19,639	$	12,286	$	0	$	31,925
Criticized performing	248		195		329		317		261		1,478		2,828		101		25		2,954
Criticized nonperforming	0		0		88		20		9		266		383		0		0		383
Total commercial and multifamily real estate	6,838		3,119		3,810		2,738		1,063		5,282		22,850		12,387		25		35,262
Commercial and industrial
Noncriticized	12,662		7,039		5,506		2,750		1,730		3,033		32,720		14,310		59		47,089
Criticized performing	279		188		838		207		120		167		1,799		456		0		2,255
Criticized nonperforming	32		52		85		93		6		10		278		38		0		316
Total commercial and industrial	12,973		7,279		6,429		3,050		1,856		3,210		34,797		14,804		59		49,660
Total commercial banking(2)	$	19,811	$	10,398	$	10,239	$	5,788	$	2,919	$	8,492	$	57,647	$	27,191	$	84	$	84,922

__________

As part of our loss mitigation efforts, we may provide short-term (one to twelve months) or long-term (greater than twelve months) modifications to a borrower experiencing financial difficulty to improve long-term collectability of the loan and to avoid the need for repossession or foreclosure of collateral.

We consider the impact of all loan modifications, whether or not that modification is classified as a TDR, when estimating the credit quality of our loan portfolio and establishing allowance levels. For our Commercial Banking customers, loan modifications are also considered in the assignment of an internal risk rating.

Additional guidance issued by the Federal Banking Agencies and contained in the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) provided banking organizations with TDR relief for loan modifications to certain qualifying borrowers impacted by the COVID-19 pandemic. The guidance in the CARES Act expired on January 1, 2022 at which time we also concurrently ceased applying the additional guidance issued by the Federal Banking Agencies.

Total recorded TDRs were $1.9 billion and $1.6 billion as of March 31, 2022 and December 31, 2021, respectively. TDRs classified as performing in our credit card and consumer banking loan portfolios totaled $1.2 billion and $1.1 billion as of March 31, 2022 and December 31, 2021, respectively. TDRs classified as performing in our commercial banking loan portfolio totaled $299 million and $192 million as of March 31, 2022 and December 31, 2021, respectively. Commitments to lend additional funds on loans modified in a TDR totaled $156 million and $168 million as of March 31, 2022 and December 31, 2021, respectively.

Table 3.6: Troubled Debt Restructurings


			Three Months Ended March 31, 2022
			Reduced Interest Rate				Term Extension
(Dollars in millions)	Total Loans Modified(1)		% of TDR Activity(2)		Average Rate Reduction		% of TDR Activity(2)		Average Term Extension (Months)
Credit Card:
Domestic credit card	$	62	100	%	14.67	%	0	%	0
International card businesses	34		100		28.00		0		0
Total credit card	96		100		19.40		0		0
Consumer Banking:
Auto	239		55		8.80		97		4
Retail banking	1		0		0.00		100		6
Total consumer banking	240		55		8.80		97		4
Commercial Banking:
Commercial and multifamily real estate	131		7		0.59		62		12
Commercial and industrial	38		0		0.00		86		10
Total commercial banking	169		6		0.59		68		11
Total	$	505	47		17.98		69		7


			Three Months Ended March 31, 2021
			Reduced Interest Rate				Term Extension
(Dollars in millions)	Total Loans Modified(1)		% of TDR Activity(2)		Average Rate Reduction		% of TDR Activity(2)		Average Term Extension (Months)
Credit Card:
Domestic credit card	$	44	100	%	16.12	%	0	%	0
International card businesses	39		100		27.74		0		0
Total credit card	83		100		21.58		0		0
Consumer Banking:
Auto	115		35		9.02		95		3

Total consumer banking	115		35		9.02		95		3
Commercial Banking:
Commercial and multifamily real estate	20		0		0.00		100		14
Commercial and industrial	44		0		0.00		25		2
Total commercial banking	64		0		0.00		48		10
Total	$	262	47		33.62		54		5

__________

(1)Represents the amortized cost of total loans modified in TDR at the end of the period in which they were modified. As not every modification type is included in the table above, the total percentage of TDR activity may not add up to 100%. Some loans may receive more than one type of modification.

The following table presents the type, number and amortized cost of loans modified in a TDR that experienced a default during the period and had completed a modification event in the twelve months prior to the default. A default occurs if the loan is either 90 days or more delinquent, has been charged off as of the end of the period presented or has been reclassified from accrual to nonaccrual status.


	Three Months Ended March 31,
		2022	2021
(Dollars in millions)			Number of Contracts	Amount		Number of Contracts	Amount
Credit Card:
Domestic credit card			6,012	$	11	5,134	$	10
International card businesses			16,507	19		17,202	28
Total credit card			22,519	30		22,336	38
Consumer Banking:
Auto			1,971	33		2,031	29
Retail banking			0	0		5	0
Total consumer banking			1,971	33		2,036	29
Commercial Banking:

Commercial and industrial			1	31		0	0
Total commercial banking			1	31		0	0
Total			24,491	$	94	24,372	$	67

In addition to our investment securities, we pledged loan collateral of $10.3 billion as of both March 31, 2022 and December 31, 2021 to secure our FHLB borrowing capacity of $18.6 billion and $19.7 billion as of March 31, 2022 and December 31, 2021, respectively. We also pledged loan collateral of $32.6 billion and $26.5 billion to secure our Federal Reserve Discount Window borrowing capacity of $22.9 billion and $19.6 billion as of March 31, 2022 and December 31, 2021, respectively. In addition to loans pledged, we have securitized a portion of our credit card and auto loan portfolios. See “Note 5—Variable Interest Entities and Securitizations” for additional information.

For the three months ended March 31, 2022 and 2021, we converted $291 million and $97 million of revolving loans to term loans, respectively, primarily in our domestic credit card and commercial banking loan portfolios.