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LOANS AND LEASES
 9 Months Ended
Sep. 30, 2024
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:
(dollars in millions)September 30, 2024December 31, 2023
Commercial and industrial$43,825 $44,974 
Commercial real estate27,983 29,471 
Total commercial71,808 74,445 
Residential mortgages32,379 31,332 
Home equity15,992 15,040 
Automobile5,540 8,258 
Education11,118 11,834 
Other retail4,795 5,050 
Total retail69,824 71,514 
Total loans and leases$141,632 $145,959 
Accrued interest receivable on loans and leases held for investment totaled $862 million and $875 million as of September 30, 2024 and December 31, 2023, 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 $37.9 billion and $36.0 billion at September 30, 2024 and December 31, 2023, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window, if necessary, were primarily comprised of education, commercial and industrial, and commercial real estate loans, and totaled $27.2 billion and $31.9 billion at September 30, 2024 and December 31, 2023, respectively.
Interest income on direct financing and sales-type leases is reported within interest and fees on loans and leases in the Consolidated Statements of Operations, and was $11 million and $12 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, this interest income was $31 million and $36 million, respectively.
The following table presents the composition of LHFS:
September 30, 2024December 31, 2023
(dollars in millions)
Residential Mortgages(1)
Commercial(2)
Total
Residential Mortgages(1)
Commercial(2)
Total
Loans held for sale at fair value$573 $41 $614 $614 $62 $676 
Other loans held for sale— 49 49 — 103 103 
(1) Residential mortgage LHFS at fair value 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 primarily consist of loans associated with the Company’s syndication business.