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LOANS AND LEASES
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
LOANS AND LEASES
NOTE 4 - 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)March 31, 2022December 31, 2021
Commercial and industrial$45,724 $44,500 
Commercial real estate14,268 14,264 
Leases1,529 1,586 
Total commercial61,521 60,350 
Residential mortgages24,211 22,822 
Home equity12,264 12,015 
Automobile14,439 14,549 
Education13,306 12,997 
Other retail5,564 5,430 
Total retail69,784 67,813 
Total loans and leases$131,305 $128,163 
Accrued interest receivable on loans and leases held for investment totaled $452 million and $450 million as of March 31, 2022 and December 31, 2021, respectively, and is included in other assets in the Consolidated Balance Sheets.
Loans pledged as collateral for FHLB borrowing capacity, primarily residential mortgages and home equity products, totaled $27.5 billion and $26.1 billion at March 31, 2022 and December 31, 2021, 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 $36.0 billion and $35.8 billion at March 31, 2022 and December 31, 2021, respectively.
Interest income on direct financing and sales-type leases was $11 million and $13 million for the three months ended March 31, 2022 and 2021, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations.
    The following table presents the composition of LHFS:
March 31, 2022December 31, 2021
(in millions)
Residential Mortgages(1)
Commercial(2)
Total
Residential Mortgages(1)
Commercial(2)
Total
Loans held for sale at fair value$1,595 $122 $1,717 $2,657 $76 $2,733 
Other loans held for sale— 99 99 — 735 735 
(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.