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LOANS AND LEASES
 6 Months Ended
Jun. 30, 2021
Receivables [Abstract]  
LOANS AND LEASES
NOTE 3 - LOANS AND LEASES
Loans held for investment are reported at the amount of their outstanding principal, net of charge-offs, unearned income, deferred loan origination fees and costs, and unamortized premiums or discounts on purchased loans.
The following table presents loans and leases, excluding LHFS.
(in millions)June 30, 2021December 31, 2020
Commercial and industrial (1)
$42,842 $44,173 
Commercial real estate14,412 14,652 
Leases1,829 1,968 
Total commercial59,083 60,793 
Residential mortgages (2)
20,538 19,539 
Home equity11,841 12,149 
Automobile12,780 12,153 
Education12,800 12,308 
Other retail5,539 6,148 
Total retail63,498 62,297 
Total loans and leases$122,581 $123,090 
(1) Includes $3.5 billion and $4.2 billion of PPP loans fully guaranteed by the SBA as of June 30, 2021 and December 31, 2020, respectively.
(2) Includes fully or partially guaranteed FHA, VA and USDA loans of $1.4 billion at June 30, 2021 and $249 million at December 31, 2020, including loans acquired through an exercise of the GNMA early buyout option.
 
Included in other assets is accrued interest receivable on loans and leases held for investment totaling $467 million and $449 million as of June 30, 2021 and December 31, 2020, respectively.
During the three months ended June 30, 2021 and 2020, the Company purchased $351 million and $691 million of education loans, and $176 million and $255 million of other retail loans. During the six months ended June 30, 2021 and 2020, the Company purchased $652 million and $909 million of education loans, and $353 million and $527 million of other retail loans, respectively.
During the three months ended June 30, 2021 and 2020, the Company sold $237 million and $71 million of commercial loans, respectively. During the six months ended June 30, 2021 and 2020, the Company sold $563 million and $262 million of commercial loans, respectively. During the six months ended June 30, 2020, the company sold $1.5 billion of residential mortgage loans as compared to none in the same period of 2021.
Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity products, totaled $24.7 billion and $25.5 billion at June 30, 2021 and December 31, 2020, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, automobile, commercial and industrial, and commercial real estate loans, and totaled $39.7 billion and $40.0 billion at June 30, 2021 and December 31, 2020, respectively.
Interest income on direct financing and sales-type leases was $12 million and $19 million for the three months ended June 30, 2021 and 2020, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations. For the six months ended June 30, 2021 and 2020, this interest income was $25 million and $37 million, respectively.
    The following table presents the composition of LHFS.
June 30, 2021December 31, 2020
(in millions)
Residential Mortgages(1)
Commercial(2)
Total
Residential Mortgages(1)
Commercial(2)
Total
Loans held for sale at fair value$3,499 $117 $3,616 $3,416 $148 $3,564 
Other loans held for sale— 82 82 — 439 439 
(1) Residential mortgage LHFS are originated for sale.
(2) Commercial LHFS at fair value consist of loans managed by the Company’s commercial secondary loan desk. Other commercial LHFS generally consist of loans associated with the Company’s syndication business.