Fifth Third Bank 2011 Annual Report Download - page 145

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Fifth Third Bancorp 143
gains are reported in mortgage banking net revenue in the
Consolidated Statements of Income.
Valuation adjustments related to instrument-specific credit risk
for residential mortgage loans measured at fair value negatively
impacted the fair value of those loans by $3 million at December 31,
2011 and $5 million at December 31, 2010. Interest on residential
mortgage loans measured at fair value is accrued as it is earned using
the effective interest method and is reported as interest income in
the Consolidated Statements of Income.
The following table summarizes the difference between the fair
value and the principal balance for residential mortgage loans
measured at fair value as of:
($ in millions) Fair Value Principal Balance Difference
December 31, 2011
Residential mortgage loans measured at fair value $ 2,816 2,693 123
Past due loans of 90 days or more 4 5 (1)
Nonaccrual loans - - -
December 31, 2010
Residential mortgage loans measured at fair value $ 1,938 1,913 25
Past due loans of 90 days or more 5 6 (1)
Nonaccrual loans 1 1 -
Fair Value of Certain Financial Instruments
The following tables summarize the carrying amounts and estimated fair values for certain financial instruments, excluding financial instruments
measured at fair value on a recurring basis.
Net Carrying
A
s of December 31, 2011 ($ in millions) Amount Fair Value
Financial assets:
Cash and due from banks $ 2,663 2,663
Other securities 842 842
Held-to-maturity securities 322 322
Other short-term investments 1,781 1,781
Loans held for sale 203 203
Portfolio loans and leases:
Commercial and industrial loans 29,854 30,300
Commercial mortgage loans 9,697 8,870
Commercial construction loans 943 791
Commercial leases 3,451 3,237
Residential mortgage loans(a) 10,380 9,978
Home equity 10,524 9,737
Automobile loans 11,784 11,747
Credit card 1,872 1,958
Other consumer loans and leases 329 346
Unallocated allowance for loan and lease losses (136) -
Total portfolio loans and leases, net(a) $ 78,698 76,964
Financial liabilities:
Deposits 85,710 85,599
Federal funds purchased 346 346
Other short-term borrowings 3,239 3,239
Long-term debt 9,682 10,197
(a) Excludes
$65
of residential mortgage loans measured at fair value on a recurring basis.