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Loans and Leases
 9 Months Ended
Sep. 30, 2012
Loans and Leases

5. Loans and Leases

The Bancorp diversifies its loan and lease portfolio by offering a variety of loan and lease products with various payment terms and rate structures. Lending activities are concentrated within those states in which the Bancorp has banking centers and are primarily located in the Midwestern and Southeastern regions of the United States. The Bancorp's commercial loan portfolio consists of lending to various industry types. Management periodically reviews the performance of its loan and lease products to evaluate whether they are performing within acceptable interest rate and credit risk levels and changes are made to underwriting policies and procedures as needed. The Bancorp maintains an allowance to absorb loan and lease losses inherent in the portfolio. For further information on credit quality and the ALLL, see Note 6.

The following table provides a summary of the total loans and leases classified by primary purpose as of:
         
   September 30,December 31,September 30,
($ in millions) 201220112011
Loans and leases held for sale:       
 Commercial and industrial loans $13 45 66 
 Commercial mortgage loans 20 76 105 
 Commercial construction loans 11 17 26 
 Residential mortgage loans 1,741 2,802 1,629 
 Other consumer loans and leases 17 14 14 
Total loans and leases held for sale$1,802 2,954 1,840 
Portfolio loans and leases:       
 Commercial and industrial loans $33,344 30,783 29,258 
 Commercial mortgage loans 9,348 10,138 10,330 
 Commercial construction loans 672 1,020 1,213 
 Commercial leases 3,549 3,531 3,368 
Total commercial loans and leases 46,913 45,472 44,169 
 Residential mortgage loans 11,708 10,672 10,249 
 Home equity 10,238 10,719 10,920 
 Automobile loans 11,912 11,827 11,593 
 Credit card 1,994 1,978 1,878 
 Other consumer loans and leases  294 350 407 
Total consumer loans and leases 36,146 35,546 35,047 
Total portfolio loans and leases$83,059 81,018 79,216 
         

Total portfolio loans and leases are recorded net of unearned income, which totaled $819 million as of September 30, 2012, $942 million as of December 31, 2011, and $944 million as of September 30, 2011. Additionally, portfolio loans and leases are recorded net of unamortized premiums and discounts, deferred loan fees and costs, and fair value adjustments (associated with acquired loans or loans designated as fair value upon origination) which totaled a net premium of $79 million, $45 million, and $35 million as of September 30, 2012, December 31, 2011 and September 30, 2011, respectively.

The following table presents a summary of the total loans and leases owned by the Bancorp as of and for the nine months ended September 30:
                
       90 Days Past Due  Net
  Balance and Still Accruing Charge-Offs
($ in millions) 20122011 20122011 20122011
Commercial and industrial loans$33,357 29,324 $1 9 $129 215 
Commercial mortgage loans 9,368 10,435  22 9  83 148 
Commercial construction loans 683 1,239   - 44  22 80 
Commercial leases 3,549 3,368   -  1  8 (2) 
Residential mortgage loans 13,449 11,878  76 91  99 137 
Home equity loans 10,238 10,920  65 83  122 168 
Automobile loans 11,912 11,593  9 9  23 40 
Credit card 1,994 1,878  28 28  56 76 
Other consumer loans and leases 311 421   -  -  15 71 
Total loans and leases$84,861 81,056 $201 274 $557 933 
Less: Loans held for sale$1,802 1,840           
Total portfolio loans and leases$83,059 79,216