v3.24.1.u1
Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Allowance for Credit Losses
NOTE 4. LOANS AND THE ALLOWANCE FOR CREDIT LOSSES
LOANS
The following table presents the distribution of Regions' loan portfolio by segment and class, net of unearned income:
March 31, 2024December 31, 2023
 (In millions)
Commercial and industrial$49,701 $50,865 
Commercial real estate mortgage—owner-occupied4,788 4,887 
Commercial real estate construction—owner-occupied306 281 
Total commercial54,795 56,033 
Commercial investor real estate mortgage6,422 6,605 
Commercial investor real estate construction2,341 2,245 
Total investor real estate8,763 8,850 
Residential first mortgage20,199 20,207 
Home equity lines3,155 3,221 
Home equity loans2,415 2,439 
Consumer credit card1,314 1,341 
Other consumer—exit portfolio28 43 
Other consumer6,193 6,245 
Total consumer33,304 33,496 
Total loans, net of unearned income$96,862 $98,379 
ALLOWANCE FOR CREDIT LOSSES
Regions determines the appropriate level of the allowance on a quarterly basis. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023, for a description of the methodology.
ROLLFORWARD OF ALLOWANCE FOR CREDIT LOSSES
The following tables present analyses of the allowance for credit losses by portfolio segment for three months ended March 31, 2024, and 2023.
 Three Months Ended March 31, 2024
 CommercialInvestor Real
Estate		ConsumerTotal
 (In millions)
Allowance for loan losses, January 1, 2024$722 $192 $662 $1,576 
Provision for loan losses88 23 51 162
Loan losses:
Charge-offs(62)(5)(74)(141)
Recoveries8 1 11 20 
Net loan (losses) recoveries(54)(4)(63)(121)
Allowance for loan losses, March 31, 20247562116501,617
Reserve for unfunded credit commitments, January 1, 202492 13 19 124 
Provision for (benefit from) unfunded credit losses(5)(3)(2)(10)
Reserve for unfunded credit commitments, March 31, 202487 10 17 114 
Allowance for credit losses, March 31, 2024$843 $221 $667 $1,731 
 Three Months Ended March 31, 2023
 CommercialInvestor Real
Estate		ConsumerTotal
 (In millions)
Allowance for loan losses, December 31, 2022$665 $121 $678 $1,464 
Cumulative effect of accounting guidance (1)
(3)(3)(32)(38)
Allowance for loan losses, January 1, 2023 (adjusted for change in accounting guidance)$662 $118 $646 $1,426 
Provision for loan losses70 8 51 129 
Loan losses:
Charge-offs(49)— (56)(105)
Recoveries10 — 12 22 
Net loan (losses) recoveries(39)— (44)(83)
Allowance for loan losses, March 31, 2023693 126 653 1,472 
Reserve for unfunded credit commitments, January 1, 202372 21 25 118 
Provision for (benefit from) unfunded credit losses5 6 (5)6 
Reserve for unfunded credit commitments, March 31, 202377 27 20 124 
Allowance for credit losses, March 31, 2023$770 $153 $673 $1,596 
_____
(1) See Note 1 in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information.
PORTFOLIO SEGMENT RISK FACTORS
Regions' portfolio segments are commercial, investor real estate, and consumer. Classes within each segment present unique credit risks. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding Regions' portfolio segments and related classes, as well as the risks specific to each.
CREDIT QUALITY INDICATORS
The commercial and investor real estate portfolio segments' primary credit quality indicator is internal risk ratings which are detailed by categories related to underlying credit quality and probability of default. Regions assigns these risk ratings at loan origination and reviews the relationship utilizing a risk-based approach on, at minimum, an annual basis or at any time management becomes aware of information affecting the borrowers' ability to fulfill their obligations. Both quantitative and qualitative factors are considered in this review process. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for information regarding commercial risk ratings.
Regions' consumer portfolio segment has various classes that present unique credit risks. Regions considers factors such as periodic updates of FICO scores, accrual status, days past due status, unemployment rates, home prices, and geography as credit quality indicators for the consumer loan portfolio. FICO scores are obtained at origination as part of Regions' formal underwriting process. Refreshed FICO scores are obtained by the Company quarterly for all consumer loans, including residential first mortgage loans. Current FICO data is not available for certain loans in the portfolio for various reasons; for example, if customers do not use sufficient credit, an updated score may not be available. These categories are utilized to develop the associated allowance for credit losses. The higher the FICO score the less probability of default and vice versa.
The following tables present applicable credit quality indicators for the loan portfolio segments and classes, excluding loans held for sale and gross charge-offs, by vintage year as of March 31, 2024 and December 31, 2023. Regions defines the vintage date for the purposes of disclosure as the date of the most recent credit decision. In general, renewals that are categorized as new credit decisions reflect the renewal date as the vintage date. Classes in the commercial and investor real estate portfolio segments are disclosed by risk rating. Classes in the consumer portfolio segment are disclosed by current FICO scores. Refer to Note 5 "Allowance for Credit Losses" in the Annual Report on Form 10-K for the year ended December 31, 2023 for more information regarding Regions' credit quality indicators.
March 31, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$1,966 $7,132 $7,997 $4,625 $2,196 $4,258 $18,512 $— $(18)$46,668 
   Special Mention16 151 174 51 33 51 598 — — 1,074 
   Substandard Accrual22 80 376 85 37 69 734 — — 1,403 
   Non-accrual1 162 145 37 6 28 177 — — 556 
Total commercial and industrial$2,005 $7,525 $8,692 $4,798 $2,272 $4,406 $20,021 $— $(18)$49,701 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$149 $750 $912 $929 $622 $1,033 $99 $— $(5)$4,489 
   Special Mention2 4 22 41 14 57 1 — — 141 
   Substandard Accrual— 3 35 33 16 29 2 — — 118 
   Non-accrual2 2 8 11 5 11 1 — — 40 
Total commercial real estate mortgage—owner-occupied:$153 $759 $977 $1,014 $657 $1,130 $103 $— $(5)$4,788 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$21 $101 $44 $43 $22 $46 $5 $— $— $282 
   Special Mention— — — 1 1 — — — — 2 
   Substandard Accrual— — 10 — 1 1 — — — 12 
   Non-accrual— 2 — — 2 6 — — — 10 
Total commercial real estate construction—owner-occupied:$21 $103 $54 $44 $26 $53 $5 $— $— $306 
Total commercial$2,179 $8,387 $9,723 $5,856 $2,955 $5,589 $20,129 $— $(23)$54,795 
Commercial investor real estate mortgage:
Risk rating:
   Pass$412 $1,039 $1,375 $1,103 $384 $339 $361 $— $(3)$5,010 
   Special Mention48 84 365 52 20 14 67 — — 650 
   Substandard Accrual53 95 187 1 37 69 79 — — 521 
   Non-accrual47 98 57 — — 39 — — — 241 
Total commercial investor real estate mortgage$560 $1,316 $1,984 $1,156 $441 $461 $507 $— $(3)$6,422 
Commercial investor real estate construction:
Risk rating:
   Pass$18 $262 $960 $230 $26 $2 $647 $— $(14)$2,131 
   Special Mention— 26 105 — — — 25 — — 156 
   Substandard Accrual— — 25 — — — 29 — — 54 
   Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$18 $288 $1,090 $230 $26 $2 $701 $— $(14)$2,341 
Total investor real estate$578 $1,604 $3,074 $1,386 $467 $463 $1,208 $— $(17)$8,763 
Residential first mortgage:
FICO scores:
   Above 720$209 $1,964 $2,870 $4,297 $4,300 $3,046 $— $— $— $16,686 
   681-72022 221 298 341 247 349 — — — 1,478 
   620-68011 91 141 149 113 309 — — — 814 
   Below 620— 37 101 127 93 440 — — — 798 
   Data not available7 33 18 47 46 97 2 — 173 423 
Total residential first mortgage$249 $2,346 $3,428 $4,961 $4,799 $4,241 $2 $— $173 $20,199 
March 31, 2024
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20242023202220212020Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,327 $44 $— $2,371 
   681-720— — — — — — 350 10 — 360 
   620-680— — — — — — 191 9 — 200 
   Below 620— — — — — — 98 7 — 105 
   Data not available— — — — — — 82 6 31 119 
Total home equity lines$— $— $— $— $— $— $3,048 $76 $31 $3,155 
Home equity loans:
FICO scores:
   Above 720$66 $317 $354 $376 $194 $583 $— $— $— $1,890 
   681-72018 43 60 48 21 69 — — — 259 
   620-6804 19 24 23 9 55 — — — 134 
   Below 620— 4 12 13 5 40 — — — 74 
   Data not available— 1 4 5 3 29 — — 16 58 
Total home equity loans$88 $384 $454 $465 $232 $776 $— $— $16 $2,415 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $742 $— $— $742 
681-720— — — — — — 257 — — 257 
620-680— — — — — — 213 — — 213 
Below 620— — — — — — 101 — — 101 
Data not available— — — — — — 18 — (17)1 
Total consumer credit card$— $— $— $— $— $— $1,331 $— $(17)$1,314 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $— $15 $— $— $— $15 
   681-720— — — — — 3 — — — 3 
   620-680— — — — — 4 — — — 4 
   Below 620— — — — — 6 — — — 6 
   Data not available— — — — — 1 — — (1)— 
Total other consumer—exit portfolios$— $— $— $— $— $29 $— $— $— $(1)$28 
Other consumer(2):
FICO scores:
   Above 720$222 $1,291 $1,514 $494 $280 $263 $113 $— $— $4,177 
   681-72024 269 362 123 63 53 64 — — 958 
   620-68012 154 235 84 41 34 52 — — 612 
   Below 6202 46 126 50 24 20 31 — — 299 
   Data not available74 18 9 7 5 173 2 — (141)147 
Total other consumer$334 $1,778 $2,246 $758 $413 $543 $262 $— $(141)$6,193 
Total consumer loans$671 $4,508 $6,128 $6,184 $5,444 $5,589 $4,643 $76 $61 $33,304 
Total Loans$3,428 $14,499 $18,925 $13,426 $8,866 $11,641 $25,980 $76 $21 $96,862 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Commercial and industrial:
Risk rating:
   Pass$8,272 $9,123 $5,267 $2,326 $1,376 $3,210 $18,561 $— $53 $48,188 
   Special Mention87 186 71 109 26 90 484 — — 1,053 
   Substandard Accrual141 212 74 38 7 3 678 — — 1,153 
   Non-accrual128 102 37 6 20 10 168 — — 471 
Total commercial and industrial$8,628 $9,623 $5,449 $2,479 $1,429 $3,313 $19,891 $— $53 $50,865 
Commercial real estate mortgage—owner-occupied:
Risk rating:
   Pass$799 $954 $988 $658 $343 $801 $76 $— $(5)$4,614 
   Special Mention21 13 33 20 7 13 14 — — 121 
   Substandard Accrual3 34 32 14 8 24 1 — — 116 
   Non-accrual4 3 10 8 3 8 — — — 36 
Total commercial real estate mortgage—owner-occupied:$827 $1,004 $1,063 $700 $361 $846 $91 $— $(5)$4,887 
Commercial real estate construction—owner-occupied:
Risk rating:
   Pass$89 $53 $44 $24 $11 $38 $3 $— $— $262 
   Special Mention— 7 — — — 1 — — — 8 
   Substandard Accrual— 1 — 1 — 1 — — — 3 
   Non-accrual2 — — 2 — 4 — — — 8 
Total commercial real estate construction—owner-occupied:$91 $61 $44 $27 $11 $44 $3 $— $— $281 
Total commercial$9,546 $10,688 $6,556 $3,206 $1,801 $4,203 $19,985 $— $48 $56,033 
Commercial investor real estate mortgage:
Risk rating:
   Pass$1,130 $1,587 $1,135 $488 $296 $110 $383 $— $(4)$5,125 
   Special Mention269 247 52 59 30 — 90 — — 747 
   Substandard Accrual134 197 — 67 67 3 32 — — 500 
   Non-accrual99 57 37 — 12 28 — — — 233 
Total commercial investor real estate mortgage$1,632 $2,088 $1,224 $614 $405 $141 $505 $— $(4)$6,605 
Commercial investor real estate construction:
Risk rating:
   Pass$256 $836 $280 $26 $2 $1 $649 $— $(15)$2,035 
   Special Mention— 122 — — — — 59 — — 181 
   Substandard Accrual— 25 — — — — 4 — — 29 
   Non-accrual— — — — — — — — — — 
Total commercial investor real estate construction$256 $983 $280 $26 $2 $1 $712 $— $(15)$2,245 
Total investor real estate$1,888 $3,071 $1,504 $640 $407 $142 $1,217 $— $(19)$8,850 
Residential first mortgage:
FICO scores:
   Above 720$1,939 $2,863 $4,358 $4,390 $816 $2,353 $— $— $— $16,719 
   681-720226 298 355 255 52 294 — — — 1,480 
   620-68086 153 153 112 43 270 — — — 817 
   Below 62021 90 122 87 53 389 — — — 762 
   Data not available33 16 49 46 11 92 1 — 181 429 
Total residential first mortgage$2,305 $3,420 $5,037 $4,890 $975 $3,398 $1 $— $181 $20,207 
December 31, 2023
Term LoansRevolving Loans Revolving Loans Converted to Amortizing
Unallocated (1)
Total
20232022202120202019Prior
(In millions)
Home equity lines:
FICO scores:
   Above 720$— $— $— $— $— $— $2,399 $45 $— $2,444 
   681-720— — — — — — 346 11 — 357 
   620-680— — — — — — 184 9 — 193 
   Below 620— — — — — — 97 7 — 104 
   Data not available— — — — — — 85 5 33 123 
Total home equity lines$— $— $— $— $— $— $3,111 $77 $33 $3,221 
Home equity loans:
FICO scores:
   Above 720$322 $370 $397 $205 $93 $529 $— $— $— $1,916 
   681-72053 62 49 22 14 60 — — — 260 
   620-68019 27 23 8 8 52 — — — 137 
   Below 6202 8 12 5 7 35 — — — 69 
   Data not available1 4 5 3 3 25 — — 16 57 
Total home equity loans$397 $471 $486 $243 $125 $701 $— $— $16 $2,439 
Consumer credit card:
FICO scores:
Above 720$— $— $— $— $— $— $780 $— $— $780 
681-720— — — — — — 254 — — 254 
620-680— — — — — — 210 — — 210 
Below 620— — — — — — 95 — — 95 
Data not available— — — — — — 20 — (18)2 
Total consumer credit card$— $— $— $— $— $— $1,359 $— $(18)$1,341 
Other consumer—exit portfolios:
FICO scores:
   Above 720$— $— $— $— $2 $22 $— $— $— $24 
   681-720— — — — 1 4 — — — 5 
   620-680— — — — — 5 — — — 5 
   Below 620— — — — 1 7 — — — 8 
   Data not available— — — — — 1 — — — 1 
Total other consumer—exit portfolios$— $— $— $— $4 $39 $— $— $— $43 
Other consumer(2):
FICO scores:
   Above 720$1,312 $1,519 $501 $284 $155 $118 $119 $— $— $4,008 
   681-720270 409 136 74 34 29 67 — — 1,019 
   620-680178 294 103 50 21 20 53 — — 719 
   Below 62052 147 65 31 14 13 30 — — 352 
   Data not available94 10 7 5 114 65 1 — (149)147 
Total other consumer$1,906 $2,379 $812 $444 $338 $245 $270 $— $(149)$6,245 
Total consumer loans$4,608 $6,270 $6,335 $5,577 $1,442 $4,383 $4,741 $77 $63 $33,496 
Total Loans$16,042 $20,029 $14,395 $9,423 $3,650 $8,728 $25,943 $77 $92 $98,379 
________
(1)These amounts consist of fees that are not allocated at the loan level and loans serviced by third parties wherein Regions does not receive FICO or vintage information.
(2)Other consumer class includes overdrafts which are included in the current vintage year.
The following tables present gross charge-offs by vintage year as of March 31, 2024 and 2023.
March 31, 2024
Term LoansRevolving LoansTotal
20242023202220212020Prior
(In millions)
Commercial and industrial$5 $23 $17 $5 $2 $7 $3 $62 
Total commercial5 23 17 5 2 7 3 62 
Commercial investor real estate mortgage— — — 5 — — — 5 
Total investor real estate— — — 5 — — — 5 
Residential first mortgage— — — — — 1 — 1 
Home equity lines— — — — — — 1 1 
Consumer credit card— — — — — — 16 16 
Other consumer—exit portfolios— — — — — 1 — 1 
Other consumer(1)
6 16 20 6 3 4 — 55 
Total consumer6 16 20 6 3 6 17 74 
Total gross charge-offs$11 $39 $37 $16 $5 $13 $20 $141 
March 31, 2023
Term LoansRevolving LoansTotal
20232022202120202019Prior
(In millions)
Commercial and industrial$— $13 $21 $3 $5 $5 $2 $49 
Total commercial— 13 21 3 5 5 2 49 
Home equity lines— — — — — — 1 1 
Consumer credit card— — — — — — 12 12 
Other consumer—exit portfolios— — — — 2 3 — 5 
Other consumer(1)
4 17 8 4 2 3 — 38 
Total consumer4 17 8 4 4 6 13 56 
Total gross charge-offs$4 $30 $29 $7 $9 $11 $15 $105 
______
(1)Other consumer class includes overdraft gross charge-offs. The majority of overdraft gross charge-offs for the three months ended March 31, 2024 and 2023 are included in the current vintage year.
AGING AND NON-ACCRUAL ANALYSIS
The following tables include an aging analysis of DPD and loans on non-accrual status for each portfolio segment and class as of March 31, 2024 and December 31, 2023. Loans on non-accrual status with no related allowance totaled $237 million and $280 million comprised of commercial and investor real estate loans at March 31, 2024 and December 31, 2023, respectively. Non–accrual loans with no related allowance typically include loans where the underlying collateral is deemed sufficient to recover all remaining principal. Loans that have been fully charged-off do not appear in the tables below.
 March 31, 2024
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD		Total
Accrual		Non-accrualTotal
 (In millions)
Commercial and industrial$38 $17 $7 $62 $49,145 $556 $49,701 
Commercial real estate mortgage—owner-occupied4 4 — 8 4,748 40 4,788 
Commercial real estate construction—owner-occupied1 — — 1 296 10 306 
Total commercial43 21 7 71 54,189 606 54,795 
Commercial investor real estate mortgage— — — — 6,181 241 6,422 
Commercial investor real estate construction— — — — 2,341 — 2,341 
Total investor real estate— — — — 8,522 241 8,763 
Residential first mortgage91 59 113 263 20,177 22 20,199 
Home equity lines20 8 19 47 3,124 31 3,155 
Home equity loans9 4 7 20 2,409 6 2,415 
Consumer credit card10 8 19 37 1,314 — 1,314 
Other consumer—exit portfolios1 1 — 2 28 — 28 
Other consumer45 25 26 96 6,193 — 6,193 
Total consumer176 105 184 465 33,245 59 33,304 
$219 $126 $191 $536 $95,956 $906 $96,862 
 
 December 31, 2023
 Accrual Loans   
 30-59 DPD60-89 DPD90+ DPDTotal
30+ DPD		Total
Accrual		Non-accrualTotal
 (In millions)
Commercial and industrial$43 $21 $11 $75 $50,394 $471 $50,865 
Commercial real estate mortgage—owner-occupied3 2 — 5 4,851 36 4,887 
Commercial real estate construction—owner-occupied— 1 — 1 273 8 281 
Total commercial46 24 11 81 55,518 515 56,033 
Commercial investor real estate mortgage— — 23 23 6,372 233 6,605 
Commercial investor real estate construction— — — — 2,245 — 2,245 
Total investor real estate— — 23 23 8,617 233 8,850 
Residential first mortgage104 48 95 247 20,185 22 20,207 
Home equity lines17 10 20 47 3,192 29 3,221 
Home equity loans10 4 7 21 2,433 6 2,439 
Consumer credit card11 8 20 39 1,341 — 1,341 
Other consumer—exit portfolios2 1 — 3 43 — 43 
Other consumer60 31 29 120 6,245 — 6,245 
Total consumer204 102 171 477 33,439 57 33,496 
$250 $126 $205 $581 $97,574 $805 $98,379 
At March 31, 2024 and December 31, 2023, the Company had collateral-dependent commercial loans of $348 million and $220 million, respectively. At March 31, 2024 and December 31, 2023, the Company had collateral-dependent investor real estate loans of $203 million and $92 million, respectively. The collateral for commercial and investor real estate loans generally
consists of business assets including real estate, receivables and equipment. At March 31, 2024 and December 31, 2023, the Company had collateral-dependent residential mortgage and home equity loans and lines totaling $108 million and $93 million, respectively. The collateral for these loans consists of residential real estate.
MODIFICATIONS TO BORROWERS EXPERIENCING FINANCIAL DIFFICULTY
The majority of Regions' commercial and investor real estate modifications to troubled borrowers are the result of renewals of classified loans wherein there has been an interest rate reduction and/or maturity extension (that is considered other than insignificant). Similarly, Regions works to meet the individual needs of troubled consumer borrowers through its CAP. Regions designed the program to allow for customer-tailored modifications with the goal of keeping customers in their homes and avoiding foreclosure where possible. Modifications may be offered to any borrower experiencing financial hardship regardless of the borrower's payment status. Consumer modifications to troubled borrowers primarily involve an interest rate reduction and/or a payment deferral or maturity extension that is considered other than insignificant. All CAP modifications that involve an interest rate reduction, principal forgiveness, other than insignificant payment deferral or term extension and/or a combination of these are disclosed as modifications to troubled borrowers because the customer documents a financial hardship in order to participate. Refer to Note 1 "Summary of Significant Accounting Policies" in the Annual Report on Form 10-K for the year ended December 31, 2023 for additional information regarding the Company's modifications to troubled borrowers.
For each portfolio segment and class, the following tables present the end of period balances of new modifications to troubled borrowers and the related percentage of the loan portfolio period-end balance by the type of modification that occurred in the three months ended March 31, 2024 and March 31, 2023.
Three Months Ended March 31, 2024
Term ExtensionTerm Extension and Interest Rate ModificationTotal
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$40 0.08 %$— — %$40 0.08 %
Commercial real estate mortgage—owner-occupied1 0.01 %— — %1 0.01 %
Total commercial41 0.07 %— — %41 0.07 %
Commercial investor real estate mortgage100 1.56 %— — %100 1.56 %
Total investor real estate100 1.14 %— — %100 1.14 %
Residential first mortgage39 0.19 %1 0.01 %40 0.20 %
Home equity lines— — %1 0.02 %1 0.03 %
Home equity loans1 0.04 %2 0.08 %3 0.12 %
Total consumer40 0.12 %4 0.01 %44 0.13 %
$181 0.19 %$4 — %$185 0.19 %

Three Months Ended March 31, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate ModificationTotal
$
%(1)
$
%(1)
$
%(1)
$
%(1)
(Dollars in millions)
Commercial and industrial$18 0.03 %$164 0.32 %$— — %$182 0.35 %
Commercial real estate mortgage—owner-occupied2 0.04 %— — %— — %2 0.05 %
Commercial real estate construction—owner-occupied1 0.17 %— — %— — %1 0.17 %
Total commercial21 0.04 %164 0.29 %— — %185 0.32 %
Residential first mortgage22 0.12 %— — %2 0.01 %24 0.13 %
Home equity lines1 0.02 %— — %— — %1 0.03 %
Home equity loans1 0.04 %— — %1 0.06 %2 0.09 %
Total consumer24 0.07 %— — %3 0.01 %27 0.09 %
$45 0.05 %$164 0.17 %$3 — %$212 0.22 %
____
(1) Amounts calculated based upon whole dollar values.
The end of period balance of unfunded commitments related to modifications to troubled borrowers in both the three months ended March 31, 2024 and 2023 was immaterial.
The following tables present the financial impact of modifications to troubled borrowers during the three months ended March 31, 2024 and 2023 by portfolio segment, class of financing receivable, and the type of modification. The tables include new modifications to troubled borrowers, as well as renewals of existing modifications to troubled borrowers.
Three Months Ended March 31, 2024
Term ExtensionTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial1— — 
Commercial real estate mortgage—owner-occupied0.67— — 
Commercial investor real estate mortgage0.58— — 
Residential first mortgage69less than 1%
Home equity lines— 192 %
Home equity loans12252 %

Three Months Ended March 31, 2023
Term ExtensionPayment DeferralTerm Extension and Interest Rate Modification
Weighted-Average Term Extension Weighted-Average Payment DeferralWeighted-Average Term Extension Weighted-Average Reduction in Interest Rate
(In years, except for percentage data)
Commercial and industrial0.420.17— — 
Commercial real estate mortgage—owner-occupied0.50— — — 
Commercial real estate construction—owner-occupied0.42— — — 
Residential first mortgage5— 71 %
Home equity lines20— — — 
Home equity loans11— 172 %
In addition to the financial impacts in the table above, during the three months ended March 31, 2023 there were instances of commercial and industrial payment deferrals in which the amortization period was doubled to maturity.
The following tables include the end of period balances of aging and non-accrual performance for modifications to troubled borrowers modified in the previous twelve-month period by portfolio segment and class.
March 31, 2024
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$161 $— $— $184 $345 
Commercial real estate mortgage—owner-occupied1 — — 1 2 
Total commercial162 — — 185 347 
Commercial investor real estate mortgage192 — — 108 300 
Total investor real estate192 — — 108 300 
Residential first mortgage87 13 8 5 113 
Home equity lines4 — — — 4 
Home equity loans6 1 — 2 9 
Total consumer97 14 8 7 126 
$451 $14 $8 $300 $773 
March 31, 2023
Current30-89 DPD90+ DPDNon-Performing LoansTotal
(In millions)
Commercial and industrial$169 $— $— $13 $182 
Commercial real estate mortgage—owner-occupied2 — — — 2 
Commercial real estate construction—owner-occupied— — — 1 1 
Total commercial171 — — 14 185 
Residential first mortgage23 — — 1 24 
Home equity lines1 — — — 1 
Home equity loans2 — — — 2 
Total consumer26 — — 1 27 
$197 $— $— $15 $212 
For modifications to troubled borrowers, a subsequent payment default is defined in terms of delinquency, when a principal or interest payment is 90 days past due or classified as non-accrual status during the reporting period. As of March 31, 2024, subsequent defaults of the loans restructured as a modification to a troubled borrower during the twelve-month period ended March 31, 2024 totaled $79 million.