SUNTRUST BANKS INC, 10-Q filed on 11/8/2013
Quarterly Report
Document and Entity Information
9 Months Ended
Sep. 30, 2013
Nov. 1, 2013
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, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
536,082,029 
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, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Interest Income
 
 
 
 
Interest and fees on loans
$ 1,148 
$ 1,257 
$ 3,474 
$ 3,820 
Interest and fees on loans held for sale
30 
29 
90 
84 
Interest and Dividend Income, Securities, Available-for-sale
143 
144 
429 
519 1
Trading account interest and other
18 
15 
52 
48 
Total interest income
1,339 
1,445 
4,045 
4,471 
Interest Expense
 
 
 
 
Interest on deposits
70 
98 
224 
342 
Interest on long-term debt
52 
66 
156 
244 
Interest on other borrowings
10 
25 
29 
Total interest expense
131 
174 
405 
615 
Net, interest income
1,208 
1,271 
3,640 
3,856 
Provision for Loan, Lease, and Other Losses
95 
450 2
453 2
1,067 2
Interest Income (Expense), after Provision for Loan Loss
1,113 
821 
3,187 
2,789 
Noninterest Income
 
 
 
 
Service charges on deposit accounts
168 
172 
492 
504 
Investment Advisory, Management and Administrative Fees
133 
127 
387 
387 
Investment Advisory Fees
68 
60 
198 
180 
Fees and Commissions, Other
91 
97 
277 
305 
Investment Banking Revenue
99 
83 
260 
230 
Trading Gains (Losses)
33 
19 
124 
145 
Fees and Commissions, Credit and Debit Cards
77 
74 
231 
239 
Fees and Commissions, Mortgage Banking
(10)
(64)
282 
102 
Servicing Fees, Net
11 
64 
50 
215 
Gain (Loss) on Sale of Securities, Net
3
1,941 4
4
1,973 4
Noninterest Income, Other Operating Income
10 
(31)
98 
78 
Total noninterest income
680 
2,542 
2,401 
4,358 
Noninterest Expense
 
 
 
 
Employee compensation
611 
670 
1,856 
1,977 
Other Labor-related Expenses
71 
110 
322 
363 
Outside processing and software
190 
171 
555 
527 
Net occupancy expense
86 
92 
261 
267 
Federal Deposit Insurance Corporation Premium Expense
45 
67 
140 
179 
Equipment Expense
45 
49 
136 
140 
Operating losses
350 
71 
461 
200 
Credit and collection services
139 
65 
224 
181 
Marketing and Advertising Expense
34 
75 
95 
134 
Other Staff Expense
22 
41 
46 
75 
Amortization of Intangible Assets
 
18 
31 
Amortization of Intangible Assets and Impairment of Goodwill
 
17 
 
39 
Gains (Losses) on Sales of Other Real Estate
30 
133 
Net loss/(gain) on extinguishment of debt
15 
Other Noninterest Expense
140 
266 
385 
583 
Noninterest Expense
1,743 
1,726 
4,503 
4,813 
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest
50 
1,637 
1,085 
2,334 
Income Tax Expense (Benefit)
(146)
551 
151 
710 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
196 
1,086 
934 
1,624 
Net Income (Loss) Attributable to Noncontrolling Interest
16 
22 
Net Income (Loss) Attributable to Parent
189 
1,077 
918 
1,602 
Net income/(loss) available to common shareholders
$ 179 
$ 1,066 
$ 884 
$ 1,581 
Earnings Per Share, Diluted
$ 0.33 
$ 1.98 
$ 1.64 
$ 2.94 
Earnings Per Share, Basic
$ 0.33 
$ 1.99 
$ 1.65 
$ 2.96 
Common Stock, Dividends, Per Share, Declared
$ 0.10 
$ 0.05 
$ 0.25 
$ 0.15 
Weighted Average Number of Shares Outstanding, Diluted
538,850 
538,699 
539,488 
537,538 
Weighted Average Number of Shares Outstanding, Basic
533,829 
534,506 
534,887 
533,859 
Consolidated Statements of Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dividends on common stock of The Coca-Cola Company
$ 0 
$ 0 
$ 0 
$ 31 1
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities
Mortgage-backed Securities, Issued by Private Enterprises [Member]
 
 
 
 
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Loss, before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities
2
2
2
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities
$ 0 
$ 3 2
$ 1 2
$ 7 2
Consolidated Statement of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net Income (Loss) Attributable to Parent
$ 189 
$ 1,077 
$ 918 
$ 1,602 
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
(11)
(1,448)
(466)
(1,256)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax
(26)
204 
(189)
34 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax
30 
(23)
Other Comprehensive Income (Loss), Net of Tax
(33)
(1,239)
(625)
(1,245)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent
$ 156 
$ (162)
$ 293 
$ 357 
Consolidated Statement of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Other Comprehensive Income (Loss), Available-for-sale Securities, Tax
$ (7)
$ (795)
$ (272)
$ (688)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect
(15)
111 
(111)
15 
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax
$ 3 
$ 3 
$ 18 
$ (13)
Consolidated Balance Sheets (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Assets
 
 
Cash and Due from Banks
$ 3,041 
$ 7,134 
Federal Funds Sold and Securities Purchased under Agreements to Resell
1,222 
1,101 
Interest-bearing deposits in other banks
23 
22 
Cash and cash equivalents
4,286 
8,257 
Trading assets
5,731 
6,049 
Available-for-sale Securities
22,626 
21,953 
Loans Held for Sale
2,462 1
3,399 
Loans held for investment
124,340 2
121,470 2
Loans and Leases Receivable, Allowance
2,071 
2,174 
Net loans
122,269 
119,296 
Premises and equipment
1,515 
1,564 
Goodwill
6,369 
6,369 
Intangible Assets, Net (Excluding Goodwill)
1,287 
956 
Other real estate owned
196 
264 
Other Assets
5,036 
5,335 
Total assets
171,777 
173,442 
Liabilities and Shareholders' Equity
 
 
Noninterest-bearing consumer and commercial deposits
39,006 
39,481 
Interest-bearing consumer and commercial deposits
87,855 
90,699 
Total consumer and commercial deposits
126,861 
130,180 
Brokered time deposits
2,022 
2,136 
Total deposits
128,883 
132,316 
Funds purchased
934 
617 
Securities Sold under Agreements to Repurchase
1,574 3
1,574 3
Other Short-term Borrowings
4,479 
3,303 
Long-term Debt
9,985 4
9,357 4
Trading liabilities
1,264 
1,161 
Other liabilities
3,588 
4,129 
Total liabilities
150,707 
152,457 
Preferred Stock, Value, Outstanding
725 
725 
Common Stock, Value, Outstanding
550 
550 
Additional paid in capital
9,117 
9,174 
Retained earnings
11,573 
10,817 
Treasury stock, at cost, and other
(579)5
(590)5
AOCI, net of tax
(316)
309 
Total shareholders' equity
21,070 
20,985 
Total liabilities and shareholders' equity
171,777 
173,442 
Common Stock, Shares, Outstanding
537,549 
538,959 
Common shares authorized
750,000 
750,000 
Preferred Stock, Shares Outstanding
Preferred Stock, Shares Authorized
50,000 
50,000 
Treasury shares of common stock
12,372 
10,962 
Stockholders' Equity Attributable to Noncontrolling Interest
$ 116 
$ 114 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Loans Held-for-sale, Fair Value Disclosure
$ 2,240 1
$ 3,243 1
Loans Receivable, Fair Value Disclosure
316 2
379 2
Servicing Asset at Fair Value, Amount
1,248 
899 
Trading Securities Pledged as Collateral
764 
727 
Deposits, Fair Value Disclosure
784 
832 
Long-term Debt, Fair Value
1,593 3
1,622 3
Common stock, par value
$ 1.00 
$ 1.00 
Loans Receivable Held-for-sale, Net
2,462 1
3,399 
Loans held for investment
124,340 2
121,470 2
Long-term Debt
9,985 3
9,357 3
Stockholders' Equity Attributable to Noncontrolling Interest
116 
114 
Variable Interest Entity, Primary Beneficiary
 
 
Long-term Debt, Fair Value
284 
286 
Loans Receivable Held-for-sale, Net
314 
319 
Loans held for investment
336 
365 
Long-term Debt
$ 634 
$ 666 
Consolidated Statements of Shareholders' Equity (USD $)
In Millions, except Share data, unless otherwise specified
Total
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Treasury Stock and Other
Accumulated Other Comprehensive Income (Loss) [Member]
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, beginning of period at Dec. 31, 2011
$ 20,066 
$ 275 
$ 550 
$ 9,306 
$ 8,978 
$ (792)1
$ 1,749 2
Common Stock, Shares, Outstanding, beginning of period at Dec. 31, 2011
 
 
537,000,000 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
1,602 
 
 
 
1,602 
 
 
Other Comprehensive Income (Loss), Net of Tax
(1,245)
 
 
 
 
 
(1,245)2
Noncontrolling Interest, Period Increase (Decrease)
 
 
 
 
1
 
Dividends, Common Stock, Cash
(81)
 
 
 
(81)
 
 
Dividends, Preferred Stock, Cash
(8)
 
 
 
(8)
 
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
1,000,000 
 
 
 
 
Stock Issued During Period, Value, Stock Options Exercised
16 
 
 
(35)
 
51 1
 
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures
 
 
1,000,000 
 
 
 
 
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures
 
 
(64)
 
69 1
 
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition
22 
 
 
 
 
22 1
 
Stock Issued During Period, Value, Employee Benefit Plan
15 
 
 
(12)
 
27 1
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, end of period at Sep. 30, 2012
20,399 
275 
550 
9,195 
10,491 
(616)1
504 2
Common Stock, Shares, Outstanding, end of period at Sep. 30, 2012
 
 
539,000,000 
 
 
 
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, beginning of period at Dec. 31, 2012
20,985 
725 
550 
9,174 
10,817 
(590)1
309 2
Common Stock, Shares, Outstanding, beginning of period at Dec. 31, 2012
538,959,000 
 
539,000,000 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
Net Income (Loss) Attributable to Parent
918 
 
 
 
918 
 
 
Other Comprehensive Income (Loss), Net of Tax
(625)
 
 
 
 
 
(625)2
Noncontrolling Interest, Period Increase (Decrease)
 
 
 
 
1
 
Dividends, Common Stock, Cash
(134)
 
 
 
(134)
 
 
Dividends, Preferred Stock, Cash3
(28)
 
 
 
(28)
 
 
Treasury Stock, Shares, Acquired
 
 
(3,000,000)
 
 
 
 
Treasury Stock, Value, Acquired, Cost Method
(100)
 
 
 
 
(100)1
 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period
 
 
1,000,000 
 
 
 
 
Stock Issued During Period, Value, Stock Options Exercised
16 
 
 
(24)
 
40 1
 
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures
 
 
1,000,000 
 
 
 
 
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures
 
 
(35)
 
40 1
 
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition
24 
 
 
 
 
24 1
 
Stock Issued During Period, Value, Employee Benefit Plan
 
 
 
1
 
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, end of period at Sep. 30, 2013
$ 21,070 
$ 725 
$ 550 
$ 9,117 
$ 11,573 
$ (579)1
$ (316)2
Common Stock, Shares, Outstanding, end of period at Sep. 30, 2013
537,549,000 
 
538,000,000 
 
 
 
 
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Common stock dividends, per share
$ 0.25 
$ 0.15 
Treasury Stock, Value
$ (579)1
 
Stockholders' Equity Attributable to Noncontrolling Interest
116 
 
Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax
54 
607 
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Effect Net of Tax
342 
603 
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax
(712)
(706)
Treasury Stock and Other
 
 
Treasury Stock, Value
(636)
(673)
Deferred Compensation Equity
(59)
(57)
Stockholders' Equity Attributable to Noncontrolling Interest
$ 116 
$ 114 
Series A Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 3,044 
$ 3,056 
Series B Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 3,044 
$ 3,056 
Series E Preferred Stock [Member]
 
 
Preferred Stock, Dividends, Per Share, Cash Paid
$ 4,325 
$ 0 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash Flows from Operating Activities:
 
 
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
$ 934 
$ 1,624 
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
 
 
Depreciation, amortization, and accretion
542 
567 
Origination of Mortgage Servicing Rights (MSRs)
302 
244 
Provisions for credit losses and foreclosed property
495 
1,191 
Mortgage repurchase provision
102 
701 
Stock option compensation and amortization of restricted stock compensation
25 
26 
Gain (Loss) on Sale of Securities, Net
1
1,973 1
Net gain on sale of assets
(169)
(839)
Net decrease/(increase) in loans held for sale
1,200 
(199)
Net (increase)/decrease in other assets
(95)
393 
Net increase/(decrease) in other liabilities
(148)
(339)
Net cash provided by operating activities
2,582 
908 
Cash Flows from Investing Activities:
 
 
Proceeds from maturities, calls, and paydowns of securities available for sale
4,672 
5,431 
Proceeds from sales of securities available for sale
529 
4,195 
Purchases of securities available for sale
(6,744)
(3,097)
Net (increase)/decrease in loans including purchases of loans
(4,525)
(4,390)
Proceeds from sales of loans
730 
1,572 
Capital expenditures
(104)
(168)
Payments related to acquisitions, including contingent consideration
13 
Proceeds from Sale of Other Real Estate
403 
427 
Net cash (used in)/provided by investing activities
(5,039)
3,957 
Cash Flows from Financing Activities:
 
 
Net (decrease)/increase in total deposits
(3,433)
(696)
Net increase/(decrease) in funds purchased, securities sold under agreements to repurchase, and other short-term borrowings
1,493 
(2,645)
Proceeds from the issuance of long-term debt
747 
4,000 
Repayment of long-term debt
(77)
(4,359)
Payments for Repurchase of Common Stock
(100)
Common and preferred dividends paid
(162)
(89)
Stock option activity
18 
22 
Net cash provided by/(used in) financing activities
(1,514)
(3,767)
Net (decrease)/increase in cash and cash equivalents
(3,971)
1,098 
Cash and cash equivalents at beginning of period
8,257 
4,509 
Cash and cash equivalents at end of period
4,286 
5,607 
Supplemental Disclosures:
 
 
Transfer of Loans Held-for-sale to Portfolio Loans
28 
34 
Loans transferred from loans to loans held for sale
200 
3,112 
Transfer to Other Real Estate
$ 197 
$ 304 
Significant Accounting Policies
Significant Accounting Policies [Text Block]
NOTE 1 – SIGNIFICANT ACCOUNTING POLICIES

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 2012 Annual Report on Form 10-K. There have been no significant changes to the Company’s accounting policies as disclosed in the Company’s 2012 Annual Report on Form 10-K.
Accounting Policies Recently Adopted and Pending Accounting Pronouncements
In December 2011, the FASB issued ASU 2011-11, "Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities." The ASU requires additional disclosures about financial instruments and derivative instruments that are offset or subject to an enforceable master netting arrangement or similar agreement. In January 2013, the FASB issued ASU 2013-01, “Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”, which more narrowly defined the scope of financial instruments to only include derivatives, repurchase and reverse repurchase agreements, and securities borrowing and lending transactions. The Company adopted these ASUs as of January 1, 2013, and the adoption did not have an impact on the Company's financial position, results of operations, or EPS. See Note 2, "Federal Funds Sold and Securities Borrowed or Purchased under Agreements to Resell" and Note 11, "Derivative Financial Instruments."
In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" which provides disclosure guidance on amounts reclassified out of AOCI by component. The Company adopted the ASU as of January 1, 2013, and the adoption did not have an impact on the Company's financial position, results of operations, or EPS. See Note 16, "Accumulated Other Comprehensive Income."
In March 2013, the FASB issued ASU 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date (a consensus of the FASB Emerging Issues Task Force)." The ASU requires additional disclosures about joint and several liability arrangements and requires the Company to measure obligations resulting from joint and several liability arrangements as the sum of the amount the Company agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the Company expects to pay on behalf of its co-obligors. The ASU is effective for the fiscal years and interim periods beginning after December 15, 2013. The Company is evaluating the impact of the ASU; however, it is not expected to have a significant impact on the Company's financial position, results of operations, or EPS.
In June 2013, the FASB issued ASU 2013-08, "Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements." The ASU clarifies the characteristics of an investment company and requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value rather than using the equity method of accounting. The ASU is effective for the fiscal years and interim periods beginning after December 15, 2013. The Company is evaluating the impact of the ASU; however, it is not expected to have a significant impact on the Company's financial position, results of operations, or EPS.

In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (a consensus of the Emerging Issues Task Force).” The ASU permits the Fed Funds Effective Swap Rate (OIS) to be used as a benchmark interest rate for hedge accounting purposes, in addition to U.S. Treasury rates, and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The ASU was effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The ASU has no impact on the Company's current hedging relationships and, thus, no impact on the Company's financial position, results of operations, or EPS.

In July 2013, the FASB issued ASU 2013-11,“Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force).” Prior to this ASU, U.S. GAAP did not include explicit guidance on the financial statement presentation of a UTB when a NOL carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU requires, with limited exceptions, that a UTB, or a portion of a UTB, should be presented in the financial statements as a reduction to a DTA for a NOL carryforward, a similar tax loss, or a tax credit carryforward. The ASU is effective for fiscal years and interim periods beginning after December 15, 2013. As early adoption is permitted, the Company adopted this ASU upon issuance and it resulted in an immaterial reclassification within liabilities in the Consolidated Balance Sheets. As this ASU only impacts financial statement presentation and related footnote disclosures, there will be no impact on 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 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, 2013
 
December 31, 2012
Fed funds

$97

 

$29

Securities borrowed
241

 
155

Resell agreements
884

 
917

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

$1,222

 

$1,101


Securities purchased under agreements to resell are primarily collateralized by U.S. government or agency securities and are carried at the amounts at which securities will be subsequently resold. Securities borrowed are primarily collateralized by corporate securities. The Company takes possession of all securities purchased under agreements to resell and securities borrowed and performs the appropriate margin evaluation on the acquisition date based on market volatility, as necessary. It is the Company's policy to obtain possession of collateral with a fair value between 95% to 110% of the principal amount loaned under resale and securities borrowing agreements. The total market value of the collateral held was $1.1 billion at both September 30, 2013 and December 31, 2012, of which $263 million and $246 million was repledged, respectively.

The Company has also pledged $764 million and $727 million of trading assets to secure $756 million and $703 million of repurchase agreements at September 30, 2013 and December 31, 2012, respectively.

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 11, "Derivative Financial Instruments." Securities purchased under agreements to resell and securities sold under agreements to repurchase are governed by a MRA. Under the terms of the MRA, all transactions between the Company and the 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 by that party in respect of any transaction against obligations owed. Any payments, deliveries, or other transfers may be applied against each other and netted. These amounts are limited to the contract asset/liability balance, and accordingly, do not include excess collateral received/pledged.

The following table presents the Company's eligible securities borrowed or purchased under agreements to resell and securities sold under agreements to repurchase at September 30, 2013 and December 31, 2012:
(Dollars in millions)
Gross
Amount
 
Amount
Offset
 
Net Amount
Presented in
Consolidated
Balance Sheets
 
Held/Pledged
Financial
Instruments
 
Net
Amount
September 30, 2013
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
Securities borrowed or purchased under agreements to resell

$1,125

 

$—

 

$1,125

1, 2 

$1,117

 

$8

Financial liabilities:
 
 
 
 
 
 
 
 
 
Securities sold under agreements to repurchase
1,574

 

 
1,574

1 
1,574

 

 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
Financial assets:
 
 
 
 
 
 
 
 
 
Securities borrowed or purchased under agreements to resell

$1,072

 

$—

 

$1,072

1,2 

$1,069

 

$3

Financial liabilities:
 
 
 
 
 
 
 
 
 
Securities sold under agreements to repurchase
1,574

 

 
1,574

1 
1,574

 


1 None of the Company's repurchase and reverse repurchase transactions met the right of setoff criteria at September 30, 2013 and December 31, 2012.
2 Excludes $97 million and $29 million of Fed funds sold which are not subject to a master netting agreement at September 30, 2013 and December 31, 2012, respectively.
Securities Available for Sale
Securities Available for Sale
NOTE 3 – SECURITIES AVAILABLE FOR SALE
Securities Portfolio Composition
 
September 30, 2013
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$792

 

$7

 

$28

 

$771

Federal agency securities
2,167

 
53

 
49

 
2,171

U.S. states and political subdivisions
239

 
8

 
2

 
245

MBS - agency
18,223

 
449

 
314

 
18,358

MBS - private
167

 
1

 
2

 
166

ABS
95

 
2

 
1

 
96

Corporate and other debt securities
40

 
3

 

 
43

Other equity securities1
775

 
1

 

 
776

Total securities AFS

$22,498

 

$524

 

$396

 

$22,626

 
 
 
 
 
 
 
 
 
December 31, 2012
(Dollars in millions)
Amortized
Cost
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
U.S. Treasury securities

$212

 

$10

 

$—

 

$222

Federal agency securities
1,987

 
85

 
3

 
2,069

U.S. states and political subdivisions
310

 
15

 
5

 
320

MBS - agency
17,416

 
756

 
3

 
18,169

MBS - private
205

 
4

 

 
209

ABS
214

 
5

 
3

 
216

Corporate and other debt securities
42

 
4

 

 
46

Other equity securities1
701

 
1

 

 
702

Total securities AFS

$21,087

 

$880

 

$14

 

$21,953

1At September 30, 2013, other equity securities was comprised of the following: $266 million in FHLB of Atlanta stock, $402 million in Federal Reserve Bank stock, $107 million in mutual fund investments, and $1 million of other. At December 31, 2012, other equity securities was comprised of the following: $229 million in FHLB of Atlanta stock, $402 million in Federal Reserve Bank stock, $69 million in mutual fund investments, and $2 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)
2013
 
2012
 
2013
 
2012
Taxable interest

$132

 

$132

 

$397

 

$454

Tax-exempt interest
3

 
4

 
8

 
12

Dividends1
8

 
8

 
24

 
53

Total interest and dividends

$143

 

$144

 

$429

 

$519

1Includes dividends on Coke common stock of $31 million for the nine months ended September 30, 2012.

Securities AFS that were pledged to secure public deposits, repurchase agreements, trusts, and other funds had a fair value of $10.0 billion and $10.6 billion at September 30, 2013 and December 31, 2012, respectively. At September 30, 2013 and December 31, 2012, there were no securities AFS pledged under secured borrowing arrangements under which the secured party has possession of the collateral and would customarily sell or repledge that collateral, other than in an event of default of the Company.

The amortized cost and fair value of investments in debt securities at September 30, 2013, by estimated average life, are shown below. Actual 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

$1

 

$201

 

$590

 

$—

 

$792

Federal agency securities
41

 
1,410

 
563

 
153

 
2,167

U.S. states and political subdivisions
97

 
89

 
9

 
44

 
239

MBS - agency
1,730

 
9,369

 
3,795

 
3,329

 
18,223

MBS - private

 
160

 
7

 

 
167

ABS
74

 
20

 
1

 

 
95

Corporate and other debt securities

 
22

 
18

 

 
40

Total debt securities

$1,943

 

$11,271

 

$4,983

 

$3,526

 

$21,723

Fair Value:
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$1

 

$208

 

$562

 

$—

 

$771

Federal agency securities
41

 
1,458

 
523

 
149

 
2,171

U.S. states and political subdivisions
99

 
93

 
10

 
43

 
245

MBS - agency
1,824

 
9,677

 
3,717

 
3,140

 
18,358

MBS - private

 
159

 
7

 

 
166

ABS
73

 
21

 
2

 

 
96

Corporate and other debt securities

 
25

 
18

 

 
43

Total debt securities

$2,038

 

$11,641

 

$4,839

 

$3,332

 

$21,850

 Weighted average yield1
2.89
%
 
2.93
%
 
2.20
%
 
2.69
%
 
2.72
%
1Average yields are based on amortized cost and presented on a FTE basis.


Securities in an Unrealized Loss Position
The Company held certain investment securities 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, 2013, 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 has reviewed its portfolio for OTTI in accordance with the accounting policies in the Company's 2012 Annual Report on Form 10-K.
 
September 30, 2013
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized  
Losses
Temporarily impaired securities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasury securities

$563

 

$28

 

$—

 

$—

 

$563

 

$28

Federal agency securities
637

 
48

 
18

 
1

 
655

 
49

U.S. states and political subdivisions

 

 
20

 
2

 
20

 
2

MBS - agency
7,147

 
311

 
84

 
3

 
7,231

 
314

ABS

 

 
13

 
1

 
13

 
1

Total temporarily impaired securities
8,347

 
387

 
135

 
7

 
8,482

 
394

OTTI securities1:
 
 
 
 
 
 
 
 
 
 
 
MBS - private
113

 
2

 

 

 
113

 
2

Total OTTI securities
113

 
2

 

 

 
113

 
2

Total impaired securities

$8,460

 

$389

 

$135

 

$7

 

$8,595

 

$396


 
December 31, 2012
 
Less than twelve months
 
Twelve months or longer
 
Total
(Dollars in millions)
Fair
   Value   
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Losses
Temporarily impaired securities:
 
 
 
 
 
 
 
 
 
 
 
Federal agency securities

$298

 

$3

 

$—

 

$—

 

$298

 

$3

U.S. states and political subdivisions
1

 

 
24

 
5

 
25

 
5

MBS - agency
1,212

 
3

 

 

 
1,212

 
3

ABS

 

 
13

 
2

 
13

 
2

Total temporarily impaired securities
1,511

 
6

 
37

 
7

 
1,548

 
13

OTTI securities1:
 
 
 
 
 
 
 
 
 
 
 
ABS

 

 
3

 
1

 
3

 
1

Total OTTI securities

 

 
3

 
1

 
3

 
1

Total impaired securities

$1,511

 

$6

 

$40

 

$8

 

$1,551

 

$14

1Includes OTTI securities for which credit losses have been recorded in earnings in current or prior periods.

Unrealized losses on securities that have been in a temporarily impaired position for longer than twelve months included municipal ARS, federal agency securities, agency MBS, and one ABS collateralized by 2004 vintage home equity loans. The municipal securities are backed by investment grade rated obligors; however, the fair value of these securities continues to be impacted by the lack of a functioning ARS market and the extension of time for expected refinance and repayment. No credit loss is expected on these securities. The fair value of agency MBS has declined due to the increase in market interest rates. 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 securities that have been other-than-temporarily impaired that relates to factors other than credit is recorded in AOCI. Losses related to credit impairment on these securities are determined through estimated cash flow analyses and have been recorded in earnings in current or prior periods.

Realized Gains and Losses and Other-than-Temporarily Impaired Securities
 
Three Months Ended September 30
 
Nine Months Ended September 30
 
(Dollars in millions)
2013
 
2012
 
2013
 
2012
 
Gross realized gains

$—



$1,944

1 

$4

 

$1,980

1 
Gross realized losses

 

 
(1
)
 

 
OTTI

 
(3
)
 
(1
)
 
(7
)
 
Net securities gains

$—

 

$1,941

 

$2

 

$1,973

 

1 Included in these amounts are $305 million in losses recognized during the three and nine months ended September 30, 2012 related to the termination of the Agreements that hedge the Coke common stock.

Credit impairment that is determined through the use of cash flow 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, the 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 primarily through paydowns. In certain instances, the amount of impairment losses recognized in earnings includes credit losses on debt securities that exceeds the total impairment, and as a result, the securities may have unrealized gains in AOCI relating to factors other than credit.

The securities that gave rise to credit impairments recognized during the three and nine months ended September 30, 2013 and 2012, as shown in the table below, consisted of private MBS and ABS with a fair value of approximately $23 million and $217 million, respectively, at September 30, 2013 and 2012.
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2013
 
2012
 
2013
 
2012
OTTI1

$—

 

$—

 

$—

 

$—

Portion of gains/(losses) recognized in OCI (before taxes)

 
3

 
1

 
7

Net impairment losses recognized in earnings

$—

 

$3

 

$1

 

$7

1 The initial OTTI amount represents the excess of the amortized cost over the fair value of AFS debt securities. For subsequent impairments of the same security, amount includes additional declines in the fair value subsequent to the previously recorded OTTI, if applicable, until such time the security is no longer in an unrealized loss position.

The following is a rollforward of credit losses recognized in earnings for the three and nine months ended September 30, 2013 and 2012, related to securities for which the Company does not intend to sell and it is not more-likely-than-not that the Company will be required to sell as of the end of each period presented. 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.
 
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions)
2013
 
2012
 
2013
 
2012
Balance, beginning of period

$32

 

$28

 

$31

 

$25

Additions:
 
 
 
 
 
 
 
OTTI credit losses on previously impaired securities

 
3

 
1

 
7

Reductions:
 
 
 
 
 
 
 
Increases in expected cash flows recognized over the remaining life of the securities
(1
)
 

 
(1
)
 
(1
)
Balance, end of period

$31

 

$31

 

$31

 

$31


The following table presents a summary of the significant inputs used in determining the measurement of credit losses recognized in earnings for private MBS and ABS for the nine months ended September 30:
 
2013
 
2012
Default rate
2 - 9%
 
2 - 9%
Prepayment rate
7 - 21%
 
7 - 21%
Loss severity
46 - 74%
 
40 - 56%


Assumption ranges represent the lowest and highest lifetime average estimates of each security for which credit losses were recognized in earnings. Ranges may vary from period to period as the securities for which credit losses are recognized vary. Additionally, severity may vary widely when losses are few and large.
Loans
Loans
NOTE 4 - LOANS
Composition of Loan Portfolio
The composition of the Company's loan portfolio is shown in the following table:
(Dollars in millions)
September 30,
2013
 
December 31, 2012
Commercial loans:
 
 
 
C&I

$55,943

 

$54,048

CRE
4,755

 
4,127

Commercial construction
737

 
713

Total commercial loans
61,435

 
58,888

Residential loans:
 
 
 
Residential mortgages - guaranteed
3,527

 
4,252

Residential mortgages - nonguaranteed1
24,106

 
23,389

Home equity products
14,826

 
14,805

Residential construction
582

 
753

Total residential loans
43,041

 
43,199

Consumer loans:
 
 
 
Guaranteed student loans
5,489

 
5,357

Other direct
2,670

 
2,396

Indirect
11,035

 
10,998

Credit cards
670

 
632

Total consumer loans
19,864

 
19,383

LHFI

$124,340

 

$121,470

LHFS

$2,462

 

$3,399

1Includes $316 million and $379 million of loans carried at fair value at September 30, 2013 and December 31, 2012, respectively.

During the three months ended September 30, 2013 and 2012, the Company transferred $56 million and $2.0 billion in LHFI to LHFS, and $11 million and $3 million in LHFS to LHFI, respectively. Additionally, during the three months ended September 30, 2013 and 2012, the Company sold $99 million and $515 million in loans and leases for gains of less than $1 million for both periods.
During the nine months ended September 30, 2013 and 2012, the Company transferred $200 million and $3.1 billion in LHFI to LHFS, and $28 million and $34 million in LHFS to LHFI, respectively. Additionally, during the nine months ended September 30, 2013 and 2012, the Company sold $761 million and $1.5 billion in loans and leases for a gain of $7 million and $36 million, respectively.

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/analysis, and 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 a higher PD. 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.
Risk ratings are refreshed at least annually, or more frequently as appropriate, based upon considerations such as market conditions, loan characteristics, and portfolio trends. Additionally, management routinely reviews portfolio risk ratings, trends, and concentrations to support risk identification and mitigation activities.
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, 2013 and December 31, 2012, 84% and 89%, respectively, of the guaranteed student loan portfolio was current with respect to payments. At September 30, 2013 and December 31, 2012, 82% and 83%, respectively, of the guaranteed residential loan portfolio was current with respect to payments. Loss exposure to the Company on these 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,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
Credit rating:
 
 
 
 
 
 
 
 
 
 
 
Pass

$54,162

 

$52,292

 

$4,421

 

$3,564

 

$672

 

$506

Criticized accruing
1,565

 
1,562

 
292

 
497

 
48

 
173

Criticized nonaccruing
216

 
194

 
42

 
66

 
17

 
34

Total

$55,943

 

$54,048

 

$4,755

 

$4,127

 

$737

 

$713

 
Residential Loans 1
 
Residential mortgages -
nonguaranteed
 
Home equity products
 
Residential construction
(Dollars in millions)
September 30,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
Current FICO score range:
 
 
 
 
 
 
 
 
 
 
 
700 and above

$18,593

 

$17,410

 

$11,588

 

$11,339

 

$439

 

$561

620 - 699
3,740

 
3,850

 
2,250

 
2,297

 
101

 
123

Below 6202
1,773

 
2,129

 
988

 
1,169

 
42

 
69

Total

$24,106

 

$23,389

 

$14,826

 

$14,805

 

$582

 

$753

 
Consumer Loans 3
 
Other direct
 
Indirect
 
Credit cards
(Dollars in millions)
September 30,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
 
September 30,
2013
 
December 31, 2012
Current FICO score range:
 
 
 
 
 
 
 
 
 
 
 
700 and above

$2,238

 

$1,980

 

$8,214

 

$8,300

 

$466

 

$435

620 - 699
372

 
350

 
2,223

 
2,038

 
164

 
152

Below 6202
60

 
66

 
598

 
660

 
40

 
45

Total

$2,670

 

$2,396

 

$11,035

 

$10,998

 

$670

 

$632


1Excludes $3.5 billion and $4.3 billion at September 30, 2013 and December 31, 2012, respectively, of guaranteed residential loans. At September 30, 2013 and December 31, 2012, the majority of these loans had FICO scores of 700 and above.
2For 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.
3Excludes $5.5 billion and $5.4 billion at September 30, 2013 and December 31, 2012, respectively, of guaranteed student loans.
The payment status for the LHFI portfolio is shown in the tables below:
 
September 30, 2013
(Dollars in millions)
Accruing
Current
 
Accruing
30-89 Days
Past Due
 
Accruing
90+ Days
Past Due
 
 Nonaccruing 2
 
Total
Commercial loans:
 
 
 
 
 
 
 
 
 
C&I

$55,663

 

$43

 

$21

 

$216

 

$55,943

CRE
4,706

 
5

 
2

 
42

 
4,755

Commercial construction
720

 

 

 
17

 
737

Total commercial loans
61,089

 
48

 
23

 
275

 
61,435

Residential loans:
 
 
 
 
 
 
 
 
 
Residential mortgages - guaranteed
2,878

 
40

 
609

 

 
3,527

Residential mortgages - nonguaranteed1
23,463

 
156

 
23

 
464

 
24,106

Home equity products
14,496

 
121

 

 
209

 
14,826

Residential construction
498

 
4

 
1

 
79

 
582

Total residential loans
41,335

 
321

 
633

 
752

 
43,041

Consumer loans:
 
 
 
 
 
 
 
 
 
Guaranteed student loans
4,629

 
361

 
499

 

 
5,489

Other direct
2,650

 
15

 
1

 
4

 
2,670

Indirect
10,974

 
54

 
1

 
6

 
11,035

Credit cards
658

 
6

 
6

 

 
670

Total consumer loans
18,911

 
436

 
507

 
10

 
19,864

Total LHFI

$121,335

 

$805

 

$1,163

 

$1,037

 

$124,340

1Includes $316 million of loans carried at fair value, the majority of which were accruing current.
2Nonaccruing loans past due 90 days or more totaled $718 million. Nonaccruing loans past due fewer than 90 days include modified nonaccrual loans reported as TDRs and performing second lien loans which are classified as nonaccrual when the first lien loan is nonperforming. 

 
December 31, 2012
(Dollars in millions)
Accruing
Current
 
Accruing
30-89 Days
Past Due
 
Accruing
90+ Days
Past Due
 
 Nonaccruing 2
 
Total
Commercial loans:
 
 
 
 
 
 
 
 
 
C&I

$53,747

 

$81

 

$26

 

$194

 

$54,048

CRE
4,050

 
11

 

 
66

 
4,127

Commercial construction
679

 

 

 
34

 
713

Total commercial loans
58,476

 
92

 
26

 
294

 
58,888

Residential loans:
 
 
 
 
 
 
 
 
 
Residential mortgages - guaranteed
3,523

 
39

 
690

 

 
4,252

Residential mortgages - nonguaranteed