LOANS AND LEASES

The Company’s loans and leases are disclosed in portfolio segments and classes. The Company’s loan and lease portfolio segments are commercial and retail. The classes of loans and leases are: commercial, commercial real estate, leases, residential mortgages, home equity loans, home equity lines of credit, home equity loans serviced by others, home equity lines of credit serviced by others, automobile, education, credit cards and other retail. The Company’s SBO portfolio consists of purchased home equity loans and lines that were originally serviced by others, which the Company now services a portion of internally. A summary of the loans and leases portfolio is presented below:



(in millions)	March 31, 2017		December 31, 2016
Commercial		$37,369		$37,274
Commercial real estate	10,915		10,624
Leases	3,608		3,753
Total commercial	51,892		51,651
Residential mortgages	15,389		15,115
Home equity loans	1,730		1,858
Home equity lines of credit	13,812		14,100
Home equity loans serviced by others	698		750
Home equity lines of credit serviced by others	201		219
Automobile	13,636		13,938
Education⁽¹⁾	7,242		6,610
Credit cards	1,650		1,691
Other retail	1,861		1,737
Total retail	56,219		56,018
Total loans and leases ^{(2) (3)}		$108,111		$107,669

⁽¹⁾During first quarter 2017, student loans were renamed “education” loans. Refer to Note 1 “Basis of Presentation” for more information.

⁽²⁾ Excluded from the table above are loans held for sale totaling $669 million and $625 million as of March 31, 2017 and December 31, 2016, respectively.

⁽³⁾Mortgage loans serviced for others by the Company’s subsidiaries are not included above, and amounted to $17.5 billion and $17.3 billion at March 31, 2017 and December 31, 2016, respectively.

During the three months ended March 31, 2017, the Company purchased approximately $325 million of education loans and $123 million of automobile loans. During the three months ended March 31, 2016, the Company purchased $369 million of education loans, $134 million of automobile loans and $120 million of residential mortgages.

During the three months ended March 31, 2017, there were no loan portfolio sales. During the three months ended March 31, 2016, the Company sold $173 million of residential mortgage loans and $73 million of commercial loans.

Loans held for sale at fair value as of March 31, 2017 totaled $448 million and consisted of residential mortgages originated for sale of $365 million and loans in the commercial trading portfolio of $83 million. Loans held for sale at fair value as of December 31, 2016 totaled $583 million and consisted of residential mortgages originated for sale of $504 million and loans in the commercial trading portfolio of $79 million.

Other loans held for sale totaled $221 million and $42 million as of March 31, 2017 and December 31, 2016, respectively. The March 31, 2017 balance included $185 million of residential mortgage loans and $36 million of commercial loans associated with the Company’s syndications business. The December 31, 2016 balance consisted entirely of commercial loan syndications.

Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity loans, totaled $24.2 billion and $24.0 billion at March 31, 2017 and December 31, 2016, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, totaled $16.4 billion and $16.8 billion at March 31, 2017 and December 31, 2016, respectively.