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LOANS AND LEASES | 9 Months Ended
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Sep. 30, 2020
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. 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, automobile, education and other retail. The following table presents the Company’s loans and leases, excluding LHFS, disclosed in portfolio segments and classes:
(in millions) | September 30, 2020 |  | December 31, 2019
Commercial(1) |  | $45,185 |  |  |  | $41,479 |
Commercial real estate | 14,889 |  |  | 13,522 |
Leases | 2,288 |  |  | 2,537 |
Total commercial loans and leases | 62,362 |  |  | 57,538 |
Residential mortgages | 19,633 |  |  | 19,083 |
Home equity | 12,322 |  |  | 13,154 |
Automobile | 12,035 |  |  | 12,120 |
Education | 11,631 |  |  | 10,347 |
Other retail | 6,088 |  |  | 6,846 |
Total retail loans | 61,709 |  |  | 61,550 |
Total loans and leases |  | $124,071 |  |  |  | $119,088 |
(1) Includes PPP loans fully guaranteed by the SBA of $4.7 billion as of September 30, 2020. Accrued interest receivable on loans and leases held for investment totaled $470 million and $495 million as of September 30, 2020 and December 31, 2019, respectively, and is included in other assets in the Consolidated Balance Sheets. The following table presents the composition of LHFS.
| September 30, 2020 |  | December 31, 2019
(in millions) | Residential Mortgages(1) | Commercial(2) | Total |  | Residential Mortgages(1) | Commercial(2) | Total
Loans held for sale at fair value |  | $3,425 |  |  | $162 |  |  | $3,587 |  |  |  | $1,778 |  |  | $168 |  |  | $1,946 |
Other loans held for sale | — |  | 127 |  | 127 |  |  | 1,101 |  | 283 |  | 1,384 |
(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. Loans pledged as collateral for FHLB borrowed funds, primarily residential mortgages and home equity loans, totaled $25.2 billion and $25.3 billion at September 30, 2020 and December 31, 2019, respectively. Loans pledged as collateral to support the contingent ability to borrow at the FRB discount window were primarily comprised of auto, commercial, commercial real estate, and education loans, and totaled $39.2 billion and $17.4 billion at September 30, 2020 and December 31, 2019, respectively. During the three months ended September 30, 2020, the Company purchased $801 million of education loans and $101 million of other retail loans. During the three months ended September 30, 2019, the Company purchased $164 million of education loans and $66 million of other retail loans. During the nine months ended September 30, 2020, the Company purchased $1.7 billion of education loans and $628 million of other retail loans. During the nine months ended September 30, 2019, the Company purchased $464 million of education loans and $66 million of other retail loans. During the three months ended September 30, 2020, the Company sold $94 million of commercial loans and $879 million of education loans. For further information, see Note 2 and Note 7. During the three months ended September 30, 2019, the Company sold $109 million of commercial loans. During the nine months ended September 30, 2020, the Company sold $356 million of commercial loans, $879 million of education loans and $1.5 billion of residential mortgage loans. During the nine months ended September 30, 2019, the Company sold $291 million of commercial loans and $628 million of retail loans, including $22 million of retail TDRs. Interest income on direct financing and sales-type leases was $17 million and $18 million for the three months ended September 30, 2020 and 2019, respectively, and was $54 million and $58 million for the nine months ended September 30, 2020 and 2019, respectively, and is reported within interest and fees on loans and leases in the Consolidated Statements of Operations.

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- Definition The entire disclosure for claims held for amounts due a company, excluding disclosure for allowance for credit losses. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Also excludes disclosure for financing receivables. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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