Loans

9 Months Ended

Sep. 30, 2011

Loans, Allowance for Credit Losses And Loans Held for Sale [Abstract]

Loans

6.  Loans

Loans consisted of the following:

	September 30,		December 31,
	2011		2010
	(in millions)
Commercial loans:
Construction and other real estate	$	7,773	$	8,228
Business banking and middle markets enterprises		9,752		7,945
Large corporate(1)		11,164		10,745
Other commercial		2,923		3,085
Total commercial		31,612		30,003
Consumer loans:
Home equity mortgages		2,618		3,820
Other residential mortgages		13,842		13,697
Credit cards		788		1,250
Other consumer		740		1,039
Total consumer		17,988		19,806
Total loans	$	49,600	$	49,809

⁽¹⁾ Includes $1.2 billion of commercial loans at December 31, 2010 related to a VIE which was consolidated.

Net deferred origination costs, excluding credit card annual fees net of direct lending costs, totaled $54 million and $66 million at September 30, 2011 and December 31, 2010, respectively. Credit card annual fees are netted with direct lending costs, deferred and amortized on a straight-line basis over one year.

At September 30, 2011 and December 31, 2010, we had net unamortized premium on our loans of $63 million and $75 million, respectively. We amortized $10 million and $38 million of net premiums on our loans for the three and nine months ended September 30, 2011, respectively compared to $14 million and $4 million for the three and nine months ended September 30, 2010, respectively.

Age Analysis of Past Due Loans The following table summarizes the past due status of our loans at September 30, 2011 and December 31, 2010 for continuing and discontinued operations. The aging of past due amounts is determined based on the contractual delinquency status of payments under the loan. An account is generally considered to be contractually delinquent when payments have not been made in accordance with the loan terms. Delinquency status may be affected by customer account management policies and practices such as re-age or modification.

	Days Past Due
At September 30, 2011	1 - 29 days		30 - 89 days		90+ days		Total Past Due		Current		Total Loans
	(in millions)
Continuing operations:
Commercial loans:
Construction and other real estate	$	46	$	80	$	254	$	380	$	7,393	$	7,773
Business banking and middle market enterprises		494		69		83		646		9,106		9,752
Large corporate		353		20		74		447		10,717		11,164
Other commercial		70		116		20		206		2,717		2,923
Total commercial		963		285		431		1,679		29,933		31,612
Consumer loans:
HELOC and home equity mortgages		190		50		92		332		2,286		2,618
Other residential mortgages		120		515		774		1,409		12,433		13,842
Credit cards		40		20		17		77		711		788
Other consumer		13		7		32		52		688		740
Total consumer		363		592		915		1,870		16,118		17,988
Total loans – continuing operations	$	1,326	$	877	$	1,346	$	3,549	$	46,051	$	49,600
Discontinued credit card and private label operations(1)	$	775	$	391	$	355	$	1,521	$	18,461	$	19,982

	Days Past Due
At December 31, 2010	1 - 29 days		30 - 89 days		90+ days		Total Past Due		Current		Total Loans
	(in millions)
Continuing operations:
Commercial loans:
Construction and other real estate	$	72	$	200	$	433	$	705	$	7,523	$	8,228
Business banking and middle market enterprises		367		84		66		517		7,428		7,945
Large corporate		902		90		74		1,066		9,679		10,745
Other commercial		63		77		14		154		2,931		3,085
Total commercial		1,404		451		587		2,442		27,561		30,003
Consumer loans:
HELOC and home equity mortgages		327		83		93		503		3,317		3,820
Other residential mortgages		123		538		900		1,561		12,136		13,697
Credit cards		37		23		24		84		1,166		1,250
Other consumer		12		6		32		50		989		1,039
Total consumer		499		650		1,049		2,198		17,608		19,806
Total loans – continuing operations	$	1,903	$	1,101	$	1,636	$	4,640	$	45,169	$	49,809
Discontinued credit card and private label operations(1)	$	767	$	466	$	533	$	1,766	$	21,494	$	23,260

⁽¹⁾ At September 30, 2011, discontinued credit card and private label credit card operations represent our GM and UP credit card loans as well as our private label credit card and closed-end loans which are included as held for sale and carried at the lower of amortized cost or fair value. At December 31, 2010, these discontinued credit card and private label credit card loans were carried at amortized cost and as such, are not directly comparable to the current period balances.

Nonaccrual Loans Nonaccrual loans totaled $1.8 billion and $2.0 billion at September 30, 2011 and December 31, 2010, respectively. Interest income that would have been recorded if such nonaccrual loans had been current and in accordance with contractual terms was approximately $30 million and $89 million for the three and nine months ended September 30, 2011, respectively, compared to $29 million and $111 million for the three and nine months ended September 30, 2010, respectively. Interest income that was included in interest income on these loans was approximately $7 million and $16 million for the three and nine months ended September 30, 2011 compared to approximately $3 million and $17 million for the three and nine months ended September 30, 2010, respectively. For an analysis of reserves for credit losses, see Note 7, “Allowance for Credit Losses.”

Nonaccrual loans and accruing receivables 90 days or more delinquent for continuing and discontinued operations are summarized in the following table:

	September 30,		December 31,
	2011		2010
	(in millions)
Nonaccrual loans:
Continuing operations:
Commercial:
Real Estate:
Construction and land loans	$	152	$	70
Other real estate		441		529
Business banking and middle markets enterprises		69		116
Large corporate		147		74
Other commercial		35		12
Total commercial		844		801
Consumer:
Residential mortgages, excluding home equity mortgages		774		900
Home equity mortgages		92		93
Total residential mortgages		866		993
Other consumer loans		8		9
Total consumer loans		874		1,002
Nonaccrual loans held for sale		122		186
Total nonaccruing loans – continuing operations		1,840		1,989
Discontinued credit card and private label operations(1)		-		-
Total nonaccruing loans		1,840		1,989
Accruing loans contractually past due 90 days or more:
Continuing operations:
Commercial:
Real Estate:
Construction and land loans		-		-
Other real estate		10		137
Business banking and middle market enterprises		22		47
Large corporate		-		-
Other commercial		1		2
Total commercial		33		186
Consumer:
Credit card receivables		17		24
Other consumer		24		23
Total consumer loans		41		47
Total accruing loans contractually past due 90 days or more – continuing operations		74		233
Discontinued credit card and private label operations(1)		355		533
Total accruing loans contractually past due 90 days or more		429		766
Total nonperforming loans	$	2,269	$	2,755

⁽¹⁾ At September 30, 2011, discontinued credit card and private label credit card operations represent our GM and UP credit card loans and our private label credit card and closed-end loans which are included as held for sale and carried at the lower of amortized cost or fair value. At December 31, 2010, these discontinued credit card and private label credit card loans were carried at amortized cost and as such, are not directly comparable to the current period balances.

Impaired Loans A loan is considered to be impaired when it is deemed probable that not all principal and interest amounts due according to the contractual terms of the loan agreement will be collected. Probable losses from impaired loans are quantified and recorded as a component of the overall allowance for credit losses. Commercial and consumer loans for which we have modified the loan terms as part of a troubled debt restructuring are considered to be impaired loans. Additionally, commercial loans in nonaccrual status, or that have been partially charged-off or assigned a specific allowance for credit losses are also considered impaired loans.

Troubled debt restructurings Troubled debt restructurings represent loans for which the original contractual terms have been modified to provide for terms that are less than what we would be willing to accept for new loans with comparable risk because of deterioration in the borrower’s financial condition.

During the third quarter of 2011 we adopted a new Accounting Standards Update which provided additional guidance for determining whether a restructuring of a receivable meets the criteria to be reported as a troubled debt restructuring (“TDR Loan”). Under this new guidance, we have determined that all consumer loans modified as a result of a financial difficulty for periods greater than three months, including all modifications with trial periods regardless of whether the modification was permanent or temporary should be reported as TDR Loans. Additionally, we have determined that for residential mortgage loans purchased from HSBC Finance, all re-ages except first-time early stage delinquency re-ages where the customer has not been granted a prior re-age since the first quarter of 2007 should be considered a TDR Loan. Exclusion of these first-time early stage delinquency re-ages from our reported TDR Loans was not material. As required, the new guidance was applied retrospectively to restructurings occurring on or after January 1, 2011 and has resulted in the reporting of an additional $51 million of residential mortgage loans as TDR Loans at September 30, 2011 with credit loss reserves of $10 million associated with these loans. The incremental loan loss provision recorded for these loans using a discounted cash flow analysis was $7 million which also includes the impact of changes in market conditions during the quarter. For our HSBC Bank USA credit card portfolio, we have reported an additional $1 million of credit card loans as TDR Loans at September 30, 2011 with credit loss reserves of less than $1 million associated with these loans. The incremental loan loss provision recorded for these loans using a discounted cash flow analysis was not material. The TDR Loan balances and related credit loss reserves for consumer loans reported as of December 31, 2010 use our previous definition of TDR Loans as described in our 2010 Form 10-K and, as such, are not comparable to the current period balances. The new guidance did not impact our reporting of TDR Loans for commercial loans. See Note 2, “Discontinued Operations,” for a discussion of TDR Loans included in our discontinued credit card and private label operations.

Modifications for consumer and commercial loans may include changes to one or more terms of the loan, including, but not limited to, a change in interest rate, extension of the amortization period, reduction in payment amount and partial forgiveness or deferment of principal. A substantial amount of our modifications involve interest rate reductions which lower the amount of finance income we are contractually entitled to receive in future periods. Through lowering the interest rate and other loan term changes, we believe we are able to increase the amount of cash flow that will ultimately be collected from the loan, given the borrower’s financial condition. TDR Loans are reserved for either based on the present value of expected future cash flows discounted at the loans’ original effective interest rate which generally results in a higher reserve requirement for these loans or in the case of certain secured commercial loans, the estimated fair value of the underlying collateral. Once a consumer loan is classified as a TDR Loan, it continues to be reported as such until it is paid off or charged-off.

The following table presents information about receivables which were modified during the three and nine months ended September 30, 2011 and as a result of this action became classified as TDR Loans.

	Three Months Ended		Nine Months Ended
	September 30, 2011		September 30, 2011
	(in millions)
Commercial loans:
Construction and other real estate	$	27	$	40
Business banking and middle market enterprises		-		6
Large corporate		-		-
Other commercial		-		-
Total commercial		27		46
Consumer loans:
Residential mortgages		56		189
Credit cards		2		5
Total consumer		58		194
Total	$	85	$	240

The following tables present information about our TDR Loans and the related credit loss reserves for TDR Loans:

	September 30,		December 31,
	2011		2010
	(in millions)
TDR Loans(1)(2):
Commercial loans:
Construction and other real estate	$	328	$	397
Business banking and middle market enterprises		96		88
Large corporate		-		-
Other commercial		38		49
Total commercial		462		534
Consumer loans:
Residential mortgages		571		402
Credit cards		22		27
Total consumer		593		429
Total TDR Loans(3)	$	1,055	$	963

	September 30,		December 31,
	2011		2010
	(in millions)
Allowance for credit losses for TDR Loans(4):
Commercial loans:
Construction and other real estate	$	18	$	44
Business banking and middle market enterprises		5		8
Large corporate		-		-
Other commercial		-		1
Total commercial		23		53
Consumer loans:
Residential mortgages		93		53
Credit cards		7		9
Total consumer		100		62
Total allowance for credit losses for TDR Loans	$	123	$	115

(1)	TDR Loans are considered to be impaired loans. For consumer loans, all such loans are considered impaired loans regardless of accrual status. For commercial loans, impaired loans include other loans in addition to TDRs which totaled $691 million and $593 million at September 30, 2011 and December 31, 2010, respectively.
(2)	The TDR Loan balances included in the table above reflect the current carrying amount of TDR Loans and includes all basis adjustments on the loan, such as unearned income, unamortized deferred fees and costs on originated loans and premiums or discounts on purchased loans. The following table reflects the unpaid principal balance of TDR Loans:

	September 30,		December 31,
	2011		2010
	(in millions)
Commercial loans:
Construction and other real estate	$	372	$	429
Business banking and middle market enterprises		150		120
Large corporate		-		-
Other commercial		41		52
Total commercial		563		601
Consumer loans:
Residential mortgages		636		443
Credit cards		22		26
Total consumer		658		469
Total – continuing operations	$	1,221	$	1,070

(3)	Includes balances of $322 million and $255 million at September 30, 2011 and December 31, 2010, respectively, which are classified as nonaccrual loans.
(4)	Included in the allowance for credit losses.

The following table presents commercial loans which were classified as TDR Loans during the previous 12 months which became 90 days or greater contractually delinquent (for consumer loans 60 days or greater contractually delinquent) during the three and nine months ended September 30, 2011:

	Three Months Ended		Nine Months Ended
	September 30, 2011		September 30, 2011
Commercial loans:
Construction and other real estate	$	-	$	48
Business banking and middle market enterprises		-		-
Large corporate		-		-
Other commercial		-		-
Total commercial		-		48
Consumer loans:
Residential mortgages		4		9
Credit cards		1		3
Auto finance(1)		-		-
Total consumer		5		12
Total	$	5	$	60

Additional information relating to TDR Loans is presented in the table below.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(in millions)
Average balance of TDR Loans
Commercial loans:
Construction and other real estate	$	330	$	315	$	360	$	242
Business banking and middle market enterprises		87		104		88		67
Large corporate		-		-		-		-
Other commercial		44		52		47		52
Total commercial		461		471		495		361
Consumer loans:
Residential mortgages		550		328		529		264
Credit cards		23		25		24		22
Auto finance(1)		-		16		-		38
Total consumer		573		369		553		324
Total average balance of TDR Loans	$	1,034	$	840	$	1,048	$	685
Interest income recognized on TDR Loans
Commercial loans:
Construction and other real estate	$	2	$	1	$	7	$	2
Business banking and middle market enterprises		-		-		-		-
Large corporate		-		-		-		-
Other commercial		1		1		4		4
Total commercial		3		2		11		6
Consumer loans:
Residential mortgages		5		3		15		8
Credit cards		-		1		1		1
Auto finance(1)		-		-		-		2
Total consumer		5		4		16		11
Total interest income recognized on TDR Loans	$	8	$	6	$	27	$	17

(1) In August 2010, we sold auto finance loans with an outstanding principal balance of $1.2 billion at date of sale, and other related assets to Santander Consumer USA (“SC USA”).

Impaired commercial loans Impaired commercial loan statistics are summarized in the following table:

			Amount
	Amount with		without		Total Impaired
	Impairment		Impairment		Commercial		Impairment
	Reserves		Reserves		Loans(1)(2)		Reserve
	(in millions)
At September 30, 2011
Construction and other real estate	$	337	$	370	$	707	$	103
Business banking and middle market enterprises		102		53		155		15
Large corporate		147		-		147		107
Other commercial		18		126		144		4
Total	$	604	$	549	$	1,153	$	229
At December 31, 2010
Construction and other real estate	$	378	$	377	$	755	$	84
Business banking and middle market enterprises		113		39		152		26
Large corporate		103		2		105		72
Other commercial		26		89		115		6
Total	$	620	$	507	$	1,127	$	188

(1) Includes impaired commercial loans which are also considered TDR Loans as follows:

	September 30,		December 31,
	2011		2010
	(in millions)
Construction and other real estate	$	328	$	397
Business banking and middle market enterprises		96		88
Large corporate		-		-
Other commercial		38		49
Total	$	462	$	534

(2) The impaired commercial loan balances included in the table above reflect the current carrying amount of the loan and includes all basis adjustments, such as unamortized deferred fees and costs on originated loans and any premiums or discounts. The unpaid principal balance of impaired commercial loans included in the table above are as follows:

	September 30,		December 31,
	2011		2010
	(in millions)
Construction and other real estate	$	751	$	782
Business banking and middle market enterprises		209		184
Large corporate		147		105
Other commercial		147		118
Total	$	1,254	$	1,189

The following table presents information about average impaired commercial loan balances and interest income recognized on the impaired commercial loans:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(in millions)
Average balance of impaired commercial loans:
Construction and other real estate	$	703	$	732	$	745	$	721
Business banking and middle market enterprises		156		143		157		145
Large corporate		111		93		100		216
Other commercial		123		146		116		172
Total average balance of impaired commercial loans	$	1,093	$	1,114	$	1,118	$	1,254
Interest income recognized on impaired commercial loans:
Construction and other real estate	$	1	$	-	$	5	$	2
Business banking and middle market enterprises		1		1		3		4
Large corporate		-		-		-		6
Other commercial		1		1		2		2
Total interest income recognized on impaired commercial loans	$	3	$	2	$	10	$	14

Commercial Loan Credit Quality Indicators The following credit quality indicators are monitored for our commercial loan portfolio:

Criticized asset classifications These classifications are based on the risk rating standards of our primary regulator. Problem loans are assigned various criticized facility grades. We also assign obligor grades which are used under our allowance for credit losses methodology. Criticized assets for commercial loans are summarized in the following table:

	Special Mention		Substandard		Doubtful		Total
	(in millions)
At September 30, 2011
Construction and other real estate	$	1,180	$	1,131	$	162	$	2,473
Business banking and middle market enterprises		411		341		-		752
Large corporate		103		375		123		601
Other commercial		48		133		4		185
Total	$	1,742	$	1,980	$	289	$	4,011
At December 31, 2010
Construction and other real estate	$	1,324	$	1,230	$	115	$	2,669
Business banking and middle market enterprises		465		504		5		974
Large corporate		260		386		74		720
Other commercial		235		140		8		383
Total	$	2,284	$	2,260	$	202	$	4,746

Nonperforming The status of our commercial loan portfolio is summarized in the following table:

					Accruing Loans
	Performing		Nonaccrual		Contractually Past
	Loans		Loans		Due 90 days or More		Total
	(in millions)
At September 30, 2011
Commercial:
Construction and other real estate	$	7,170	$	593	$	10	$	7,773
Business banking and middle market enterprise		9,661		69		22		9,752
Large corporate		11,017		147		-		11,164
Other commercial		2,887		35		1		2,923
Total commercial – continuing operations	$	30,735	$	844	$	33	$	31,612
At December 31, 2010
Commercial:
Construction and other real estate	$	7,492	$	599	$	137	$	8,228
Business banking and middle market enterprise		7,782		116		47		7,945
Large corporate		10,671		74		-		10,745
Other commercial		3,071		12		2		3,085
Total commercial – continuing operations	$	29,016	$	801	$	186	$	30,003

Credit risk profile The following table shows the credit risk profile of our commercial loan portfolio:

	Investment Grade(1)		Non-Investment Grade		Total
	(in millions)
At September 30, 2011
Construction and other real estate	$	2,745	$	5,028	$	7,773
Business banking and middle market enterprises		4,458		5,294		9,752
Large corporate		7,134		4,030		11,164
Other commercial		1,098		1,825		2,923
Total commercial	$	15,435	$	16,177	$	31,612
At December 31, 2010
Construction and other real estate	$	1,900	$	6,328	$	8,228
Business banking and middle market enterprises		2,866		5,079		7,945
Large corporate		6,808		3,937		10,745
Other commercial		787		2,298		3,085
Total commercial	$	12,361	$	17,642	$	30,003

⁽¹⁾ Investment grade includes commercial loans with credit ratings of at least BBB- or above or the equivalent based on our internal credit rating system.

Consumer Loan Credit Quality Indicators The following credit quality indicators are monitored for our consumer loan portfolio:

Delinquency The following table summarizes dollars of two-months-and-over contractual delinquency and as a percent of total loans and loans held for sale (“delinquency ratio”) for our consumer loan portfolio for both continuing and discontinued operations:

	September 30, 2011					December 31, 2010
	Dollars of		Delinquency			Dollars of		Delinquency
	Delinquency		Ratio			Delinquency		Ratio
	(dollars are in millions)
Continuing operations:
Consumer:
Residential mortgage, excluding home equity mortgages(1)	$	1,205		8.06	%	$	1,272		8.68	%
Home equity mortgages		175		4.98			183		4.79
Total residential mortgages		1,380		7.47			1,455		7.88
Credit card receivables		25		2.08			34		2.70
Other consumer		33		3.36			32		2.86
Total consumer – continuing operations		1,438		6.96			1,521		7.30
Discontinued credit card and private label operations(2)		510		2.55			726		3.31
Total consumer	$	1,948		4.79	%	$	2,247		5.25	%

(1)

At September 30, 2011 and December 31, 2010, residential mortgage loan delinquency includes $720 million and $852 million, respectively, of loans that are carried at the lower of amortized cost or fair value less cost to sell.

(2)

At September 30, 2011, discontinued credit card and private label credit card operations include our GM and UP credit card loans and our private label credit card and closed-end loans which are included as held for sale and carried at the lower of amortized cost or fair value. At December 31, 2010, these discontinued credit card and private label credit card loans were carried at amortized cost and as such, are not directly comparable to the current period balances.

Nonperforming The status of our consumer loan portfolio for both continuing and discontinued operations is summarized in the following table:

					Accruing Loans
	Performing		Nonaccrual		Contractually Past
	Loans		Loans		Due 90 days or More		Total
	(in millions)
At September 30, 2011
Continuing operations:
Consumer:
Residential mortgage, excluding home equity mortgages	$	13,068	$	774	$	-	$	13,842
Home equity mortgages		2,526		92		-		2,618
Total residential mortgages		15,594		866		-		16,460
Credit card receivables		771		-		17		788
Other consumer		708		8		24		740
Total consumer – continuing operations		17,073		874		41		17,988
Discontinued credit card and private label operations(1)		19,393		-		345		19,738
Total consumer	$	36,466	$	874	$	386	$	37,726
At December 31, 2010
Continuing operations:
Consumer:
Residential mortgage, excluding home equity mortgages	$	12,797	$	900	$	-	$	13,697
Home equity mortgages		3,727		93		-		3,820
Total residential mortgages		16,524		993		-		17,517
Credit card receivables		1,226		-		24		1,250
Other consumer		1,007		9		23		1,039
Total consumer – continuing operations		18,757		1,002		47		19,806
Discontinued credit card and private label operations(1)		22,466		-		523		22,989
Total consumer	$	41,223	$	1,002	$	570	$	42,795

⁽¹⁾ At September 30, 2011, discontinued credit card and private label credit card operations include our GM and UP credit card loans and our private label credit card and closed-end loans which are included as held for sale and carried at the lower of amortized cost or fair value. At December 31, 2010, these discontinued credit card and private label credit card loans were carried at amortized cost and as such, are not directly comparable to the current period balances.

Troubled debt restructurings See discussion of impaired loans above for further details on this credit quality indicator.

Concentrations of Credit Risk Our loan portfolio includes the following types of loans:

•  High loan-to-value (“LTV”) loans – Certain residential mortgages on primary residences with LTV ratios equal to or exceeding 90 percent at the time of origination and no mortgage insurance, which could result in the potential inability to recover the entire investment in loans involving foreclosed or damaged properties.

•  Interest-only loans – A loan which allows a customer to pay the interest-only portion of the monthly payment for a period of time which results in lower payments during the initial loan period. However, subsequent events affecting a customer’s financial position could affect the ability of customers to repay the loan in the future when the principal payments are required.

•  Adjustable rate mortgage (“ARM”) loans – A loan which allows us to adjust pricing on the loan in line with market movements. A customer’s financial situation and the general interest rate environment at the time of the interest rate reset could affect the customer’s ability to repay or refinance the loan after the adjustment.

The following table summarizes the balances of high LTV, interest-only and ARM loans in our loan portfolios, including certain loans held for sale, at September 30, 2011 and December 31, 2010, respectively.

	September 30,		December 31,
	2011		2010
	(in billions)
Residential mortgage loans with high LTV and no mortgage insurance(1)	$	1.1	$	1.2
Interest-only residential mortgage loans		4.1		3.6
ARM loans(2)		8.7		8.0

(1)	Residential mortgage loans with high LTV and no mortgage insurance includes both fixed rate and adjustable rate mortgages. Excludes $83 million and $125 million of sub-prime residential mortgage loans held for sale at September 30, 2011 and December 31, 2010, respectively.
(2)	ARM loan balances above exclude $32 million and $99 million of sub-prime residential mortgage loans held for sale at September 30, 2011 and December 31, 2010, respectively. During the remainder of 2011 and during 2012, approximately $77 million and $340 million, respectively, of the ARM loans will experience their first interest rate reset.

Concentrations of first and second liens within the outstanding residential mortgage loan portfolio are summarized in the following table. Amounts in the table exclude residential mortgage loans held for sale of $2.0 billion and $1.0 billion at September 30, 2011 and December 31, 2010, respectively.

	September 30,		December 31,
	2011		2010
	(in millions)
Closed end:
First lien	$	13,842	$	13,697
Second lien		242		437
Revolving:
Second lien		2,376		3,383
Total	$	16,460	$	17,517