SUNTRUST BANKS INC, 10-Q filed on 11/6/2015
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 30, 2015
Oct. 30, 2015
Entity Registrant Name
SUNTRUST BANKS INC 
 
Entity Central Index Key
0000750556 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
509,612,975 
Entity Well-known Seasoned Issuer
Yes 
 
Entity Voluntary Filers
No 
 
Entity Current Reporting Status
Yes 
 
Consolidated Statements of Income (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Interest Income
 
 
 
 
Interest and fees on loans
$ 1,139 
$ 1,152 
$ 3,345 
$ 3,464 
Interest and fees on loans held for sale
20 
30 
66 
61 
Interest and Dividend Income, Securities, Available-for-sale
153 
153 
430 
456 
Trading account interest and other
21 
18 
61 
55 
Total interest income
1,333 
1,353 
3,902 
4,036 
Interest Expense
 
 
 
 
Interest on deposits
54 
54 
165 
180 
Interest Expense, Long-term Debt
60 
74 
196 
198 
Interest on other borrowings
10 
23 
29 
Total interest expense
122 
138 
384 
407 
Net, interest income
1,211 
1,215 
3,518 
3,629 
Provision for Loan, Lease, and Other Losses
32 1
93 1
114 1
268 1
Interest Income (Expense), after Provision for Loan Loss
1,179 
1,122 
3,404 
3,361 
Noninterest Income
 
 
 
 
Service charges on deposit accounts
159 
169 
466 
483 
Fees and Commissions, Other
97 
95 
285 
274 
Fees and Commissions, Credit and Debit Cards
83 
81 
247 
239 
Investment Banking Revenue
115 
88 
357 
296 
Trading Gain (Loss)
31 
46 
140 
141 
Fees and Commissions, Fiduciary and Trust Activities
86 
93 
255 
339 
Investment Advisory, Management and Administrative Fees
77 
76 
229 
224 
Fees and Commissions, Mortgage Banking
58 
45 
217 
140 
Servicing Fees, Net
40 
44 
113 
143 
Gain (Loss) on Disposition of Business
105 
Gain (Loss) on Sale of Securities, Net
(9)
21 
(11)
Noninterest Income, Other Operating Income
58 
52 
173 
155 
Total noninterest income
811 
780 
2,503 
2,528 
Noninterest Expense
 
 
 
 
Employee compensation
641 
649 
1,926 
1,967 
Other Labor-related Expenses
84 
81 
326 
326 
Outside processing and software
200 
184 
593 
535 
Net occupancy expense
86 
84 
255 
254 
Equipment Expense
41 
41 
123 
127 
Federal Deposit Insurance Corporation Premium Expense
32 
29 
104 
109 
Marketing and Advertising Expense
42 
35 
104 
91 
Credit and collection services
21 
52 
67 
Professional Fees
23 
16 
48 
43 
Operating losses
29 
33 
268 
Amortization
22 
14 
Other Noninterest Expense
(95)
(83)
(286)
(333)
Noninterest Expense
1,264 
1,259 
3,872 
4,134 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
726 
643 
2,035 
1,755 
Income Tax Expense (Benefit)
187 
67 
579 
364 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
539 
576 
1,456 
1,391 
Net Income (Loss) Attributable to Noncontrolling Interest
11 
Net Income (Loss) Attributable to Parent
537 
576 
1,449 
1,380 
Net Income (Loss) Available to Common Stockholders, Basic
$ 519 
$ 563 
$ 1,396 
$ 1,343 
Earnings Per Share, Diluted
$ 1.00 
$ 1.06 
$ 2.67 
$ 2.51 
Earnings Per Share, Basic
$ 1.01 
$ 1.07 
$ 2.70 
$ 2.54 
Common Stock, Dividends, Per Share, Declared
$ 0.24 
$ 0.20 
$ 0.68 
$ 0.50 
Weighted Average Number of Shares Outstanding, Diluted
518,677 
533,230 
522,634 
535,222 
Weighted Average Number of Shares Outstanding, Basic
513,010 
527,402 
516,970 
529,429 
Consolidated Statements of Comprehensive Income Consolidated Statement of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net Income (Loss) Attributable to Parent
$ 537 
$ 576 
$ 1,449 
$ 1,380 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
119 
(37)
246 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax
84 
(82)
94 
(168)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
(64)
34 
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent
206 
(118)
34 
112 
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
$ 743 
$ 458 
$ 1,483 
$ 1,492 
Consolidated Statements of Comprehensive Income Consolidated Statement of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax
$ 70 
$ (21)
$ 6 
$ 144 
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax
50 
(48)
57 
(98)
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
$ 1 
$ 1 
$ (44)
$ 20 
Consolidated Balance Sheets (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Assets
 
 
Cash and Due from Banks
$ 3,788 
$ 7,047 
Federal Funds Sold and Securities Purchased under Agreements to Resell
1,105 
1,160 
Interest-bearing Deposits in Banks and Other Financial Institutions
23 
22 
Cash and cash equivalents
4,916 
8,229 
Trading assets
6,537 1
6,202 1
Available-for-sale Securities
27,270 2
26,770 2
Loans Held for Sale
2,032 3
3,232 3
Loans held for investment
133,560 4
133,112 4
Loans and Leases Receivable, Allowance
(1,786)
(1,937)
Net loans
131,774 
131,175 
Premises and equipment
1,430 
1,508 
Goodwill
6,337 
6,337 
Intangible Assets, Net (Excluding Goodwill)
1,282 
1,219 
Other Assets
5,458 
5,656 
Total assets
187,036 
190,328 
Liabilities and Shareholders' Equity
 
 
Noninterest-bearing consumer and commercial deposits
41,487 
41,096 
Interest-bearing Deposit Liabilities
104,884 
99,471 
Total deposits
146,371 
140,567 
Funds purchased
1,329 
1,276 
Securities Sold under Agreements to Repurchase
1,536 
2,276 
Other Short-term Borrowings
1,077 
5,634 
Long-term Debt
8,444 5
13,022 5
Trading liabilities
1,330 
1,227 
Other Liabilities
3,285 
3,321 
Total liabilities
163,372 
167,323 
Preferred Stock, Value, Outstanding
1,225 
1,225 
Common Stock, Value, Outstanding
550 
550 
Additional paid in capital
9,087 
9,089 
Retained earnings
14,341 
13,295 
Treasury stock, at cost, and other
(1,451)6
(1,032)6
Accumulated Other Comprehensive Income (Loss), Net of Tax
(88)
(122)
Total shareholders' equity
23,664 
23,005 
Total liabilities and shareholders' equity
187,036 
190,328 
Common Stock, Shares, Outstanding
514,106 7
524,540 7
Common shares authorized
750,000 
750,000 
Preferred Stock, Shares Outstanding
12 
12 
Preferred Stock, Shares Authorized
50,000 
50,000 
Treasury shares of common stock
35,815 
25,381 
Treasury Stock and Other
 
 
Liabilities and Shareholders' Equity
 
 
Treasury stock, at cost, and other
(1,550)
 
Total shareholders' equity
(1,451)8
(1,032)8
Stockholders' Equity Attributable to Noncontrolling Interest
(106)
108 
Variable Interest Entity, Primary Beneficiary [Member]
 
 
Assets
 
 
Loans held for investment
256 
288 
Liabilities and Shareholders' Equity
 
 
Long-term Debt
270 
302 
Restricted Stock [Member]
 
 
Liabilities and Shareholders' Equity
 
 
Common Stock, Shares, Outstanding
1,556 
2,930 
Trading Securities [Member]
 
 
Liabilities and Shareholders' Equity
 
 
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value
1,152 
1,316 
Available-for-sale Securities [Member]
 
 
Liabilities and Shareholders' Equity
 
 
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value
$ 0 
$ 369 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
Sep. 30, 2015
Dec. 31, 2014
Loans Held-for-sale, Fair Value Disclosure
$ 1,883 
$ 1,892 
Loans Receivable, Fair Value Disclosure
262 
272 
Servicing Asset at Fair Value, Amount
1,262 
1,206 
Long-term Debt, Fair Value
986 
1,283 
Common stock, par value
$ 1.00 
$ 1.00 
Loans Receivable Held-for-sale, Net
2,032 1
3,232 1
Loans held for investment
133,560 2
133,112 2
Long-term Debt
8,444 3
13,022 3
Common Stock, Shares, Outstanding
514,106 4
524,540 4
Variable Interest Entity, Primary Beneficiary [Member]
 
 
Loans held for investment
256 
288 
Long-term Debt
270 
302 
Treasury Stock and Other
 
 
Stockholders' Equity Attributable to Noncontrolling Interest
(106)
108 
Residential Portfolio Segment [Member]
 
 
Loans Receivable, Fair Value Disclosure
262 
272 
Loans held for investment
38,788 
38,775 
Restricted Stock [Member]
 
 
Common Stock, Shares, Outstanding
1,556 
2,930 
Trading Securities [Member]
 
 
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value
1,152 
1,316 
Available-for-sale Securities [Member]
 
 
Pledged Assets Separately Reported, Securities Pledged as Collateral, at Fair Value
$ 0 
$ 369 
Consolidated Statements of Shareholders' Equity (USD $)
In Millions, except Share data, unless otherwise specified
Total
USD ($)
Preferred Stock [Member]
USD ($)
Common Stock [Member]
USD ($)
Additional Paid-in Capital [Member]
USD ($)
Retained Earnings [Member]
USD ($)
Treasury Stock and Other
USD ($)
Accumulated Other Comprehensive Income (Loss) [Member]
USD ($)
Common Stock [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, beginning of period at Dec. 31, 2013
$ 21,422 
$ 725 
$ 550 
$ 9,115 
$ 11,936 
$ (615)1
$ (289)
 
Common Stock, Shares, Outstanding, beginning of period at Dec. 31, 2013
 
 
536,000,000 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
1,380 
 
 
 
1,380 
 
 
 
Other Comprehensive Income (Loss), Net of Tax
112 
 
 
 
 
 
112 
 
Dividends, Common Stock, Cash
(266)
 
 
 
(266)
 
 
 
Dividends, Preferred Stock, Cash
(28)
 
 
 
(28)2
 
 
 
Treasury Stock, Shares, Acquired
 
 
 
 
 
 
 
(9,000,000)
Treasury Stock, Value, Acquired, Cost Method
(348)
 
 
 
 
(348)1
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
 
 
 
 
 
Stock Issued During Period, Value, Stock Options Exercised
 
 
(14)
 
15 1
 
 
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures
 
 
 
 
 
 
 
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures
12 
 
 
13 
(2)
1
 
 
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition
21 
 
 
 
 
21 1
 
 
Stock Issued During Period, Shares, Employee Benefit Plan
 
 
 
 
 
 
 
Stock Issued During Period, Value, Employee Benefit Plan
 
 
(1)
 
1
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value
(39)
 
 
(23)
 
(16)1
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, end of period at Sep. 30, 2014
22,269 
725 
550 
9,090 
13,020 
(939)1
(177)
 
Common Stock, Shares, Outstanding, end of period at Sep. 30, 2014
 
 
527,000,000 
 
 
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, beginning of period at Dec. 31, 2014
23,005 
1,225 
550 
9,089 
13,295 
(1,032)1
(122)
 
Common Stock, Shares, Outstanding, beginning of period at Dec. 31, 2014
524,540,000 3
 
525,000,000 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
1,449 
 
 
 
1,449 
 
 
 
Other Comprehensive Income (Loss), Net of Tax
34 
 
 
 
 
 
34 
 
Noncontrolling Interest, Period Increase (Decrease)
(2)
 
 
 
 
(2)1
 
 
Dividends, Common Stock, Cash
(352)
 
 
 
(352)
 
 
 
Dividends, Preferred Stock, Cash
(48)
 
 
 
(48)2
 
 
 
Treasury Stock, Shares, Acquired
 
 
 
 
 
 
 
(11,000,000)
Treasury Stock, Value, Acquired, Cost Method
(465)
 
 
 
 
(465)1
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
 
 
 
 
 
Stock Issued During Period, Value, Stock Options Exercised
 
 
(16)
 
25 1
 
 
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures
 
 
 
 
 
 
 
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures
18 
 
 
14 
(3)
1
 
 
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition
13 
 
 
 
 
13 1
 
 
Stock Issued During Period, Shares, Employee Benefit Plan
 
 
 
 
 
 
 
Stock Issued During Period, Value, Employee Benefit Plan
 
 
 
1
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, end of period at Sep. 30, 2015
$ 23,664 
$ 1,225 
$ 550 
$ 9,087 
$ 14,341 
$ (1,451)1
$ (88)
 
Common Stock, Shares, Outstanding, end of period at Sep. 30, 2015
514,106,000 3
 
514,000,000 
 
 
 
 
 
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Treasury Stock, Value
$ (1,451)1
 
Common stock dividends, per share
$ 0.68 
$ 0.50 
Treasury Stock and Other
 
 
Treasury Stock, Value
(1,550)
(1,015)
Deferred Compensation Equity
(7)
(27)
Stockholders' Equity Attributable to Noncontrolling Interest
$ 106 
$ 103 
Series A Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 3,044 
$ 3,044 
Series B Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 3,044 
$ 3,044 
Series E Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 4,406 
$ 4,406 
Series F Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 4,813 
$ 0 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash Flows from Operating Activities:
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 1,456 
$ 1,391 
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
 
 
Gain (Loss) on Disposition of Business
(105)
Depreciation, Amortization and Accretion, Net
596 
504 
Payments to Acquire Mortgage Servicing Rights (MSR)
(185)
(137)
Provisions For Credit Losses And Foreclosed Properties
122 
286 
Stock Option Compensation And Amortization Of Restricted Stock Compensation
65 
50 
Excess Tax Benefit from Share-based Compensation, Operating Activities
18 
Gain (Loss) on Sale of Securities, Net
(21)
11 
Gain (Loss) on Sale of Loans and Leases
249 
239 
Net decrease/(increase) in loans held for sale
644 
(139)
Increase (Decrease) in Trading Securities
(183)
(1,088)
Net (increase)/decrease in other assets
(26)
189 
Increase (Decrease) in Other Operating Liabilities
(196)
(155)
Net Cash Provided by (Used in) Operating Activities
2,005 
563 
Cash Flows from Investing Activities:
 
 
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities
4,621 
2,788 
Proceeds from sales of securities available for sale
2,708 
793 
Purchases of securities available for sale
(7,861)
(6,986)
Proceeds from sales of trading securities
59 
Proceeds from (payments for) Originations and Purchases of Loans Held-for-investment
(2,097)
(7,698)
Proceeds from sales of loans
2,048 
3,029 
Payments for (Proceeds from) Mortgage Servicing Rights
113 
109 
Capital expenditures
(74)
(96)
Payments related to acquisitions, including contingent consideration
(30)
(11)
Proceeds from Divestiture of Businesses
193 
Proceeds from Sale of Other Real Estate
179 
279 
Net cash (used in)/provided by investing activities
(619)
(7,759)
Cash Flows from Financing Activities:
 
 
Net (decrease)/increase in total deposits
5,804 
6,748 
Net increase/(decrease) in funds purchased, securities sold under agreements to repurchase, and other short-term borrowings
(5,244)
1,633 
Proceeds from Issuance of Long-term Debt
1,237 
2,574 
Repayment of long-term debt
(5,670)
(67)
Payments for Repurchase of Common Stock
(465)
(348)
Common and preferred dividends paid
(393)
(294)
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options
32 
12 
Net cash provided by/(used in) financing activities
(4,699)
10,258 
Net (decrease)/increase in cash and cash equivalents
(3,313)
3,062 
Cash and cash equivalents at beginning of period
8,229 
5,263 
Cash and cash equivalents at end of period
4,916 
8,325 
Supplemental Disclosures:
 
 
Transfer of Loans Held-for-sale to Portfolio Loans
726 
39 
Loans transferred from loans to loans held for sale
1,734 
3,183 
Transfer to Other Real Estate
52 
113 
non-cash impact of deconsolidated assets
282 
Non-cash impact of debt acquired by purchaser in leverage lease sale
$ 129 
$ 29 
Significant Accounting Policies
Significant Accounting Policies [Text Block]
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation and Basis of Presentation
The unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete consolidated financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the results of operations in these financial statements, have been made.
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could vary from these estimates. Certain reclassifications have been made to prior period amounts to conform to the current period presentation.
The Company evaluated subsequent events through the date its financial statements were issued.
These financial statements should be read in conjunction with the Company’s 2014 Annual Report on Form 10-K. In the third quarter of 2015, the Company elected to prospectively change the date of its annual goodwill impairment test from September 30 to October 1 to better align the timing of the test with the availability of key inputs. There have been no other significant changes to the Company’s accounting policies as disclosed in the 2014 Annual Report on Form 10-K.

Pending Accounting Pronouncements
The following table provides a brief description of recent accounting pronouncements that could have a material effect on the Company's financial statements:
Standard
Description
Date of Adoption
Effect on the Financial Statements or Other Significant Matters
Standards Not Yet Adopted
 
 
ASU 2014-09, Revenue from Contracts with Customers
The ASU supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date.
January 1, 2018

(early adoption permitted beginning January 1, 2017)
The Company is continuing to evaluate the alternative methods of adoption and the anticipated effects on the financial statements and related disclosures.

ASU 2015-02, Amendments to the Consolidation Analysis
The ASU rescinds the indefinite deferral of previous amendments to ASC Topic 810 for certain entities and amends components of the consolidation analysis under ASC Topic 810, including evaluating limited partnerships and similar legal entities, evaluating fees paid to a decision maker or service provider as a variable interest, the effects of fee arrangements and/or related parties on the primary beneficiary determination and investment fund specific matters. The ASU may be adopted either retrospectively or on a modified retrospective basis.
January 1, 2016
The Company will adopt this ASU on a modified retrospective basis. The Company is continuing to evaluate the impact of this ASU on the financial statements and related disclosures; however, adoption is not expected to materially impact the Company's financial position, results of operations, or EPS.
Federal Funds Sold and Securities Borrowed or Purchased Under Agreements to Resell
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block]
NOTE 2 - FEDERAL FUNDS SOLD AND SECURITIES FINANCING ACTIVITIES
Federal Funds Sold and Securities Borrowed or Purchased Under Agreements to Resell
Fed funds sold and securities borrowed or purchased under agreements to resell were as follows:
(Dollars in millions)
September 30, 2015
 
December 31, 2014
Fed funds sold

$55

 

$38

Securities borrowed
221

 
290

Securities purchased under agreements to resell
829

 
832

Total Fed funds sold and securities borrowed or purchased under agreements to resell

$1,105

 

$1,160

Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which the securities will be subsequently resold. Securities borrowed are primarily collateralized by corporate securities. The Company borrows securities and purchases securities under agreements to resell as part of its securities financing activities. On the acquisition date of these securities, the Company and the related counterparty agree on the amount of collateral required to secure the principal amount loaned under these arrangements. The Company monitors collateral values daily and calls for additional collateral to be provided as warranted under the agreement. At both September 30, 2015 and December 31, 2014, the total market value of collateral held was $1.1 billion, of which $219 million and $222 million was repledged, respectively.
Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase are accounted for as secured borrowings. The following table presents the Company’s related activity, by collateral type and remaining contractual maturity:
 
September 30, 2015
 
December 31, 2014
(Dollars in millions)
Overnight and Continuous
 
Overnight and Continuous
 
Up to 30 days
 
Total
U.S. Treasury securities

$84

 

$376

 

$—

 

$376

Federal agency securities
223

 
231

 

 
231

MBS - agency
868

 
1,059

 
45

 
1,104

CP
37

 
238

 

 
238

Corporate and other debt securities
324

 
327

 

 
327

Total securities sold under agreements to repurchase

$1,536

 

$2,231

 

$45

 

$2,276



For these securities sold under agreements to repurchase, the Company would be obligated to provide additional collateral in the event of a significant decline in fair value of the collateral pledged. This risk is managed by monitoring the liquidity and credit quality of the collateral, as well as the maturity profile of the transactions.
Netting of Securities - Repurchase and Resell Agreements
The Company has various financial assets and financial liabilities that are subject to enforceable master netting agreements or similar agreements. The Company's derivatives that are subject to enforceable master netting agreements or similar agreements are discussed in Note 13, "Derivative Financial Instruments." The following table presents the Company's securities borrowed or purchased under agreements to resell and securities sold under agreements to repurchase that are subject to MRAs. Under the terms of the MRA, all transactions between the Company and a counterparty constitute a single business relationship such that in the event of default, the nondefaulting party is entitled to set off claims and apply property held against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and presented net on the Company's Consolidated Balance Sheets, provided criteria are met that permit balance sheet netting. At September 30, 2015 and December 31, 2014, there were no such transactions subject to a legally enforceable MRAs that were eligible for balance sheet netting.
Financial instrument collateral received or pledged related to exposures subject to legally enforceable MRAs are not netted on the Consolidated Balance Sheets, but are presented in the following table as a reduction to the net amount presented in the Consolidated Balance Sheets to derive the aggregate collateral deficits by counterparty. The collateral amounts held/pledged are limited for presentation purposes to the related recognized asset/liability balance for each counterparty, and accordingly, do not include excess collateral received/pledged.
(Dollars in millions)
Gross
Amount
 
Amount
Offset
 
Net Amount
Presented in
Consolidated
Balance Sheets
 
Held/Pledged Financial
Instruments
 
Net
Amount
September 30, 2015
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
Securities borrowed or purchased under agreements to resell

$1,050

 

$—

 

$1,050

1 

$1,043

 

$7

Financial liabilities:
 
 
 
 
 
 
 
 
 
Securities sold under agreements to repurchase
1,536

 

 
1,536

 
1,536

 

 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
Securities borrowed or purchased under agreements to resell

$1,122

 

$—

 

$1,122

1 

$1,112

 

$10

Financial liabilities:
 
 
 
 
 
 
 
 
 
Securities sold under agreements to repurchase
2,276

 

 
2,276

 
2,276

 


1 Excludes $55 million and $38 million of Fed funds sold, which are not subject to a master netting agreement at September 30, 2015 and December 31, 2014, respectively.

Trading Assets and Liabilities and Derivatives Trading Assets and Liabilities and Derivatives (Notes)
Trading Assets and Liabilities and Derivatives [Text Block]
NOTE 3 - TRADING ASSETS AND LIABILITIES AND DERIVATIVE INSTRUMENTS

The fair values of the components of trading assets and liabilities and derivative instruments were as follows:
(Dollars in millions)
September 30, 2015
 
December 31, 2014
Trading Assets and Derivative Instruments:
 
 
 
U.S. Treasury securities

$443

 

$267

Federal agency securities
532

 
547

U.S. states and political subdivisions
40

 
42

MBS - agency
565

 
545

CLO securities
2

 
3

Corporate and other debt securities
390

 
509

CP
312

 
327

Equity securities
65

 
45

Derivative instruments 1
1,449

 
1,307

Trading loans 2
2,739

 
2,610

Total trading assets and derivative instruments

$6,537

 

$6,202

 
 
 
 
Trading Liabilities and Derivative Instruments:
 
 
 
U.S. Treasury securities

$584

 

$485

MBS - agency
4

 
1

Corporate and other debt securities
177

 
279

Derivative instruments 1
565

 
462

Total trading liabilities and derivative instruments

$1,330

 

$1,227

1 Amounts include the impact of offsetting cash collateral received from and paid to the same derivative counterparties and the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement or similar agreement exists.
2 Includes loans related to TRS.

Various trading products and derivative instruments are used as part of the Company’s overall balance sheet management strategies and to support client requirements executed through the Bank and/or its broker/dealer subsidiary. The Company manages the potential market volatility associated with trading instruments with appropriate risk management strategies. The size, volume, and nature of the trading products and derivative instruments can vary based on economic conditions as well as client-specific and Company-specific asset or liability positions. Product offerings to clients include debt securities, loans traded in the secondary market, equity securities, derivative contracts, and other similar financial instruments. Other trading-related activities include acting as a market maker for certain debt and equity security transactions and derivative instrument transactions. The Company also uses derivatives to manage its interest rate and market risk from non-trading activities. The Company has policies and procedures to manage market risk associated with client trading and non-trading activities, and assumes a limited degree of market risk by managing the size and nature of its exposure.
The Company has pledged $857 million and $1.1 billion of trading securities to secure $825 million and $1.1 billion of repurchase agreements at September 30, 2015 and December 31, 2014, respectively. Additionally, the Company has pledged $298 million and $202 million of trading securities to secure certain derivative agreements at September 30, 2015 and December 31, 2014, respectively, and has pledged $40 million of trading securities under other arrangements at both September 30, 2015 and December 31, 2014.
Securities Available for Sale
Securities Available for Sale
NOTE 4SECURITIES AVAILABLE FOR SALE
Securities Portfolio Composition
 
September 30, 2015
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$3,020

 

$45

 

$—

 

$3,065

Federal agency securities
408

 
13

 
1

 
420

U.S. states and political subdivisions
167

 
7

 

 
174

MBS - agency
22,452

 
511

 
58

 
22,905

MBS - private
100

 
2

 

 
102

ABS
13

 
2

 

 
15

Corporate and other debt securities
36

 
2

 

 
38

Other equity securities 1
551

 
1

 
1

 
551

Total securities AFS

$26,747

 

$583

 

$60

 

$27,270

 
 
 
 
 
 
 
 
 
December 31, 2014
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$1,913

 

$9

 

$1

 

$1,921

Federal agency securities
471

 
15

 
2

 
484

U.S. states and political subdivisions
200

 
9

 

 
209

MBS - agency
22,573

 
558

 
83

 
23,048

MBS - private
122

 
2

 
1

 
123

ABS
19

 
2

 

 
21

Corporate and other debt securities
38

 
3

 

 
41

Other equity securities 1
921

 
2

 

 
923

Total securities AFS

$26,257

 

$600

 

$87

 

$26,770

1 At September 30, 2015, the fair value of other equity securities was comprised of the following: $32 million of FHLB of Atlanta stock, $402 million of Federal Reserve Bank of Atlanta stock, $111 million of mutual fund investments, and $6 million of other. At December 31, 2014, the fair value of other equity securities was comprised of the following: $376 million of FHLB of Atlanta stock, $402 million of Federal Reserve Bank of Atlanta stock, $138 million of mutual fund investments, and $7 million of other.

The following table presents interest and dividends on securities AFS:
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2015
 
2014
 
2015
 
2014
Taxable interest

$143

 

$142

 

$397

 

$421

Tax-exempt interest
2

 
2

 
5

 
8

Dividends
8

 
9

 
28

 
27

Total interest and dividends

$153

 

$153

 

$430

 

$456




Securities AFS pledged to secure public deposits, repurchase agreements, trusts, and other funds had a fair value of $2.9 billion and $2.6 billion at September 30, 2015 and December 31, 2014, respectively.

The amortized cost and fair value of investments in debt securities AFS at September 30, 2015, by estimated average life, are shown below. Receipt of cash flows may differ from estimated average lives and contractual maturities because borrowers may have the right to call or prepay obligations with or without penalties.
 
Distribution of Maturities
(Dollars in millions)
1 Year
or Less
 
1-5
Years
 
5-10
Years
 
After 10
Years
 
Total
Amortized Cost:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$25

 

$921

 

$2,074

 

$—

 

$3,020

Federal agency securities
159

 
109

 
14

 
126

 
408

U.S. states and political subdivisions
38

 
13

 
101

 
15

 
167

MBS - agency
2,462

 
11,098

 
3,756

 
5,136

 
22,452

MBS - private
3

 
89

 
8

 

 
100

ABS

 
12

 
1

 

 
13

Corporate and other debt securities

 
36

 

 

 
36

Total debt securities AFS

$2,687

 

$12,278

 

$5,954

 

$5,277

 

$26,196

 
 
 
 
 
 
 
 
 
 
Fair Value:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$25

 

$931

 

$2,109

 

$—

 

$3,065

Federal agency securities
163

 
116

 
14

 
127

 
420

U.S. states and political subdivisions
39

 
13

 
106

 
16

 
174

MBS - agency
2,605

 
11,391

 
3,772

 
5,137

 
22,905

MBS - private
3

 
91

 
8

 

 
102

ABS

 
13

 
2

 

 
15

Corporate and other debt securities

 
38

 

 

 
38

Total debt securities AFS

$2,835

 

$12,593

 

$6,011

 

$5,280

 

$26,719

 Weighted average yield 1
2.35
%
 
2.41
%
 
2.57
%
 
2.80
%
 
2.52
%
1 Weighted average yields are based on amortized cost and presented on an FTE basis.

Securities AFS in an Unrealized Loss Position
The Company held certain investment securities AFS where amortized cost exceeded fair market value, resulting in unrealized loss positions. Market changes in interest rates and credit spreads may result in temporary unrealized losses as the market price of securities fluctuates. At September 30, 2015, the Company did not intend to sell these securities nor was it more-likely-than-not that the Company would be required to sell these securities before their anticipated recovery or maturity. The Company reviewed its portfolio for OTTI in accordance with the accounting policies described in the Company's 2014 Annual Report on Form 10-K. The following tables show securities AFS in an unrealized loss position at period end.
 
September 30, 2015
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
Value
 
Unrealized
Losses
2
 
Fair
Value
 
Unrealized
Losses
2
 
Fair
Value
 
Unrealized
Losses
2
Temporarily impaired securities AFS:
 
 
 
 
 
 
 
 
 
 
 
Federal agency securities

$33

 

$—

 

$35

 

$1

 

$68

 

$1

MBS - agency
3,996

 
35

 
982

 
23

 
4,978

 
58

ABS

 

 
9

 

 
9

 

Other equity securities
4

 
1

 

 

 
4

 
1

Total temporarily impaired securities AFS
4,033

 
36


1,026


24


5,059


60

OTTI securities AFS 1:
 
 
 
 
 
 
 
 
 
 
 
Total OTTI securities AFS

 

 

 

 

 

Total impaired securities AFS

$4,033

 

$36

 

$1,026

 

$24

 

$5,059

 

$60


 
December 31, 2014
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
Value
 
Unrealized
 Losses 2
 
Fair
Value
 
Unrealized
Losses
2
 
Fair
Value
 
Unrealized
 Losses 2
Temporarily impaired securities AFS:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$150

 

$1

 

$—

 

$—

 

$150

 

$1

Federal agency securities
20

 

 
132

 
2

 
152

 
2

MBS - agency
2,347

 
6

 
4,911

 
77

 
7,258

 
83

ABS

 

 
14

 

 
14

 

Total temporarily impaired securities AFS
2,517

 
7

 
5,057

 
79

 
7,574

 
86

OTTI securities AFS 1:
 
 
 
 
 
 
 
 
 
 
 
MBS - private
69

 
1

 

 

 
69

 
1

Total OTTI securities AFS
69

 
1

 

 

 
69

 
1

Total impaired securities AFS

$2,586

 

$8

 

$5,057

 

$79

 

$7,643

 

$87

1 Includes OTTI securities AFS for which credit losses have been recorded in earnings in current or prior periods.
2 Unrealized losses less than $0.5 million are presented as zero within the table.

At September 30, 2015, unrealized losses on securities that have been in a temporarily impaired position for longer than twelve months included agency MBS, federal agency securities, and one ABS collateralized by 2004 vintage home equity loans. Unrealized losses on federal agency securities and agency MBS securities at September 30, 2015 were due to market interest rates being higher than the securities' stated yields. The ABS continues to receive timely principal and interest payments, and is evaluated quarterly for credit impairment. Cash flow analysis shows that the underlying collateral can withstand highly stressed loss assumptions without incurring a credit loss.
The portion of unrealized losses on OTTI securities that relates to factors other than credit is recorded in AOCI. Any unrealized losses related to credit impairment on these securities are determined through estimated cash flow analyses and are recorded in earnings.
Realized Gains and Losses and Other-Than-Temporarily Impaired Securities
Net securities gains/(losses) are comprised of gross realized gains, gross realized losses, and OTTI credit losses recognized in earnings. Gross realized gains of $11 million and $25 million were recognized for the three and nine months ended September 30, 2015, respectively. Gross realized losses of $3 million were recognized for both the three and nine months ended September 30, 2015, and OTTI losses recognized in earnings were immaterial for both periods. For both the three and nine months ended September 30, 2014, gross realized gains of $3 million were recognized. Gross realized losses of $12 million and $13 million were recognized for the three and nine months ended September 30, 2014, respectively, and OTTI losses recognized in earnings were immaterial for the nine months ended September 30, 2014.
Credit impairment that is determined through the use of models is estimated using cash flows on security specific collateral and the transaction structure. Future expected credit losses are determined by using various assumptions, the most significant of which include default rates, prepayment rates, and loss severities. If, based on this analysis, a security is in an unrealized loss position and the Company does not expect to recover the entire amortized cost basis of the security, the expected cash flows are then discounted at the security’s initial effective interest rate to arrive at a present value amount. OTTI credit losses reflect the difference between the present value of cash flows expected to be collected and the amortized cost basis of these securities.
The Company continues to reduce existing exposure on OTTI securities primarily through paydowns. In certain instances, the amount of impairment losses recognized in earnings includes credit losses on debt securities that exceeds the total unrealized losses, and as a result, the securities may have unrealized gains in AOCI relating to factors other than credit.
During the three and nine months ended September 30, 2015, credit impairment recognized on securities AFS still held at the end of each period was immaterial, all of which related to one private MBS with a fair value of approximately $22 million at September 30, 2015. Securities that gave rise to credit impairments recognized during the nine months ended September 30, 2014, consisted of one private MBS with a fair value of approximately $19 million at September 30, 2014. The accumulated balance of credit losses recognized in earnings on securities AFS held at period end was $25 million at both September 30, 2015 and 2014. Subsequent credit losses may be recorded on securities without a corresponding further decline in fair value when there has been a decline in expected cash flows.

Loans
Loans
NOTE 5 - LOANS
Composition of Loan Portfolio
(Dollars in millions)
September 30,
2015
 
December 31, 2014
Commercial loans:
 
 
 
C&I

$65,371

 

$65,440

CRE
6,168

 
6,741

Commercial construction
1,763

 
1,211

Total commercial loans
73,302

 
73,392

Residential loans:
 
 
 
Residential mortgages - guaranteed
627

 
632

Residential mortgages - nonguaranteed 1
24,351

 
23,443

Home equity products
13,416

 
14,264

Residential construction
394

 
436

Total residential loans
38,788

 
38,775

Consumer loans:
 
 
 
Guaranteed student
4,588

 
4,827

Other direct
5,771

 
4,573

Indirect
10,119

 
10,644

Credit cards
992

 
901

Total consumer loans
21,470

 
20,945

LHFI

$133,560

 

$133,112

LHFS 2

$2,032

 

$3,232

1 Includes $262 million and $272 million of LHFI measured at fair value at September 30, 2015 and December 31, 2014, respectively.
2 Includes $1.9 billion of LHFS measured at fair value at both September 30, 2015 and December 31, 2014.
During the three months ended September 30, 2015 and 2014, the Company transferred $38 million and $362 million in LHFI to LHFS, and $75 million and $19 million in LHFS to LHFI, respectively. Additionally, during the three months ended September 30, 2015 and 2014, the Company sold $178 million and $2.3 billion in loans and leases for gains of $9 million and $40 million, respectively.
During the nine months ended September 30, 2015 and 2014, the Company transferred $1.7 billion and $3.2 billion in LHFI to LHFS, and $726 million and $39 million in LHFS to LHFI, respectively. Additionally, during the nine months ended September 30, 2015 and 2014, the Company sold $2.0 billion and $3.0 billion in loans and leases for gains of $22 million and $71 million, respectively.
At September 30, 2015 and December 31, 2014, the Company had $23.3 billion and $26.5 billion of net eligible loan collateral pledged to the Federal Reserve discount window to support $17.0 billion and $18.4 billion of available, unused borrowing capacity, respectively.
At September 30, 2015 and December 31, 2014, the Company had $32.0 billion and $31.2 billion of net eligible loan collateral pledged to the FHLB of Atlanta to support $26.2 billion and $24.3 billion of available borrowing capacity, respectively. The available FHLB borrowing capacity at September 30, 2015 was used to support $408 million of long-term debt and $6.2 billion of letters of credit issued on the Company's behalf. At December 31, 2014, the available FHLB borrowing capacity was used to support $4.0 billion of long-term debt, $4.0 billion of short-term debt, and $7.9 billion of letters of credit issued on the Company's behalf.
Credit Quality Evaluation
The Company evaluates the credit quality of its loan portfolio by employing a dual internal risk rating system, which assigns both PD and LGD ratings to derive expected losses. Assignment of PD and LGD ratings are predicated upon numerous factors, including consumer credit risk scores, rating agency information, borrower/guarantor financial capacity, LTV ratios, collateral type, debt service coverage ratios, collection experience, other internal metrics/analyses, and/or qualitative assessments.
For the commercial portfolio, the Company believes that the most appropriate credit quality indicator is an individual loan’s risk assessment expressed according to the broad regulatory agency classifications of Pass or Criticized. The Company's risk rating system is granular, with multiple risk ratings in both the Pass and Criticized categories. Pass ratings reflect relatively low PDs, whereas, Criticized assets have higher PDs. The granularity in Pass ratings assists in the establishment of pricing, loan structures, approval requirements, reserves, and ongoing credit management requirements. The Company conforms to the following regulatory classifications for Criticized assets: Other Assets Especially Mentioned (or Special Mention), Adversely Classified, Doubtful, and Loss. However, for the purposes of disclosure, management believes the most meaningful distinction within the Criticized categories is between Accruing Criticized (which includes Special Mention and a portion of Adversely Classified) and Nonaccruing Criticized (which includes a portion of Adversely Classified and Doubtful and Loss). This distinction identifies those relatively higher risk loans for which there is a basis to believe that the Company will collect all amounts due from those where full collection is less certain. Commercial risk ratings are refreshed at least annually, or more frequently as appropriate, based upon considerations such as market conditions, borrower characteristics, and portfolio trends. Additionally, management routinely reviews portfolio risk ratings, trends, and concentrations to support risk identification and mitigation activities. The increase in criticized accruing C&I loans at September 30, 2015 compared to December 31, 2014, as presented in the following risk rating table, was due to loans primarily in the energy industry vertical that were downgraded to substandard during the first nine months of 2015.
For consumer and residential loans, the Company monitors credit risk based on indicators such as delinquencies and FICO scores. The Company believes that consumer credit risk, as assessed by the industry-wide FICO scoring method, is a relevant credit quality indicator. Borrower-specific FICO scores are obtained at origination as part of the Company’s formal underwriting process, and refreshed FICO scores are obtained by the Company at least quarterly.
For government-guaranteed loans, the Company monitors the credit quality based primarily on delinquency status, as it is a more relevant indicator of credit quality due to the government guarantee. At September 30, 2015 and December 31, 2014, 32% and 28%, respectively, of the guaranteed residential loan portfolio was current with respect to payments. At September 30, 2015 and December 31, 2014, 81% and 79%, respectively, of the guaranteed student loan portfolio was current with respect to payments. The Company's loss exposure on guaranteed residential and student loans is mitigated by the government guarantee.

LHFI by credit quality indicator are shown in the tables below:
 
Commercial Loans
 
C&I
 
CRE
 
Commercial Construction
(Dollars in millions)
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
Risk rating:
 
 
 
 
 
 
 
 
 
 
 
Pass

$63,826

 

$64,228

 

$6,033

 

$6,586

 

$1,739

 

$1,196

Criticized accruing
1,423

 
1,061

 
120

 
134

 
23

 
14

Criticized nonaccruing
122

 
151

 
15

 
21

 
1

 
1

Total

$65,371

 

$65,440

 

$6,168

 

$6,741

 

$1,763

 

$1,211


 
Residential Loans 1
 
Residential Mortgages -
Nonguaranteed
 
Home Equity Products
 
Residential Construction
(Dollars in millions)
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
Current FICO score range:
 
 
 
 
 
 
 
 
 
 
 
700 and above

$19,936

 

$18,780

 

$10,897

 

$11,475

 

$321

 

$347

620 - 699
3,330

 
3,369

 
1,827

 
1,991

 
59

 
70

Below 620 2
1,085

 
1,294

 
692

 
798

 
14

 
19

Total

$24,351

 

$23,443

 

$13,416

 

$14,264

 

$394

 

$436


 
Consumer Loans 3
 
Other Direct
 
Indirect
 
Credit Cards
(Dollars in millions)
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
 
September 30, 2015
 
December 31, 2014
Current FICO score range:
 
 
 
 
 
 
 
 
 
 
 
700 and above

$5,180

 

$4,023

 

$7,053

 

$7,661

 

$690

 

$639

620 - 699
536

 
476

 
2,426

 
2,335

 
245

 
212

Below 620 2
55

 
74

 
640

 
648

 
57

 
50

Total

$5,771

 

$4,573

 

$10,119

 

$10,644

 

$992

 

$901


1 Excludes $627 million and $632 million of guaranteed residential loans at September 30, 2015 and December 31, 2014, respectively.
2 For substantially all loans with refreshed FICO scores below 620, the borrower’s FICO score at the time of origination exceeded 620 but has since deteriorated as the loan has seasoned.
3 Excludes $4.6 billion and $4.8 billion of guaranteed student loans at September 30, 2015 and December 31, 2014, respectively.

The payment status for the LHFI portfolio is shown in the tables below:

 
September 30, 2015
(Dollars in millions)
Accruing
Current
 
Accruing
30-89 Days
Past Due
 
Accruing
90+ Days
Past Due
 
 Nonaccruing 2
 
Total
Commercial loans:
 
 
 
 
 
 
 
 
 
C&I

$65,148

 

$89

 

$12

 

$122

 

$65,371

CRE
6,150

 
2

 
1

 
15

 
6,168

Commercial construction
1,762

 

 

 
1

 
1,763

Total commercial loans
73,060

 
91

 
13

 
138

 
73,302

Residential loans:
 
 
 
 
 
 
 
 
 
Residential mortgages - guaranteed
200

 
51

 
376

 

 
627

Residential mortgages - nonguaranteed 1
24,081

 
105

 
9

 
156

 
24,351

Home equity products
13,189

 
81