CITIZENS FINANCIAL GROUP, INC.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 183 The table below summarizes TDRs that defaulted during the years ended December 31, 2014, 2013 and 2012 within 12 months of their modification date.
For purposes of this table, a payment default is defined as being past due 90 days or more under the modified terms.
Amounts represent the loan's recorded investment at the time of payment default.
Loan data includes loans meeting the criteria that were paid off in full, charged off, or sold prior to December 31, 2014 and 2013.
If a TDR of any loan type becomes 90 days past due after being modified, the loan is written down to the fair value of collateral less cost to sell.
The amount written off is charged to the ALLL.
## Table 0 ##
1) The Company's SBO portfolio consists of loans that were originally serviced by others.
The Company now services a portion of this portfolio internally.
Concentrations of Credit Risk Most of the Company's business activity is with customers located in the New England, Mid-Atlantic and Midwest regions.
Generally, loans are collateralized by assets including real estate, inventory, accounts receivable, other personal property and investment securities.
As of December 31, 2014 and 2013, the Company had a significant amount of loans collateralized by residential and commercial real estate.
There are no significant concentrations in particular industries within the commercial loan portfolio.
Exposure to credit losses arising from lending transactions may fluctuate with fair values of collateral supporting loans, which may not perform according to contractual agreements.
The Company's policy is to collateralize loans to the extent necessary; however, unsecured loans are also granted on the basis of the financial strength of the applicant and the facts surrounding the transaction.
Certain loan products, including residential mortgages, home equity loans and lines of credit, and credit cards, have contractual features that may increase credit exposure to the Company in the event of an increase in interest rates or a decline in housing values.
These products include loans that exceed 90% of the value of the underlying collateral (high LTV loans), interest- only and negative amortization residential mortgages, and loans with low introductory rates.
Certain loans have more than one of these characteristics
At December 31, 2016, 438,519,780 shares were issued and outstanding.
Dividends paid in each of 2016, 2015 and 2014 were $0.36 per annum or $0.09 per quarter.
The current dividend yield as authorized by Arconic’s Board of Directors is $0.24 per annum or $0.06 per quarter.
In July 2015, Arconic issued 29 million shares (87 million shares—pre-Reverse Stock Split) of common stock as consideration paid to acquire RTI (see Note F).
In early 2014, Arconic issued 30 million shares (89 million shares—pre-Reverse Stock Split) of common stock under the terms of Arconic’s 5.25% Convertible Notes due March 15, 2014.
Also, in November 2014, Arconic issued 12 million shares (37 million shares—pre-Reverse Stock Split) of common stock as part of the consideration paid to acquire Firth Rixson (see Note F).
As of December 31, 2016, 45 million shares of common stock were reserved for issuance under Arconic’s stock-based compensation plans.
Arconic buys shares in the open market to satisfy the exercise of stock options and the conversion of stock awards.
Share Activity (number of shares)
## Table 1 ##
Stock-based Compensation Arconic has a stock-based compensation plan under which stock options and stock awards are granted in January each year to eligible employees.
Most plan participants can choose whether to receive their award in the form of stock options, restricted stock unit awards, or a combination of both.
This choice is made before the grant is issued and is irrevocable.
Stock options are granted at the closing market price of Arconic’s common stock on the date of grant and vest over a three-year service period (1/3 each year) with a ten-year contractual term.
Restricted stock unit awards also vest over a three-year service period from the date of grant and certain of these awards also include performance conditions.
For the majority of performance stock awards issued in 2016, 2015, and 2014, the final number of shares earned will be based on Arconic’s achievement of sales and profitability targets over the respective three-year performance periods.
One-third of the award will be earned each year based on the performance against the preestablished targets for that year.
The performance stock awards earned over the three-year period vest at the end of the third year.
In 2016, 2015, and 2014, Arconic recognized stock-based compensation expense of $76 ($51 after-tax), $77 ($51 aftertax), and $70 ($47 after-tax), respectively.
For each of 2016, 2015, and 2014, approximately 80% of the stock-based compensation expense recognized related to restricted stock unit awards and no stock-based compensation expense was capitalized in any of those years.
At December 31, 2016, there was $45 (pretax) of unrecognized compensation
Foodservice sales volumes increased in 2012 compared with 2011.
Average sales margins were higher reflecting the realization of sales price increases for the pass-through of earlier cost increases.
Raw material costs for board and resins were lower.
Operating costs and distribution costs were both higher.
The U. S.  Shorewood business was sold December 31, 2011 and the non-U.
S.  business was sold in January 2012.
Looking ahead to the first quarter of 2013, Coated Paperboard sales volumes are expected to increase slightly from the fourth quarter of 2012.
Average sales price realizations are expected to be slightly lower, but margins should benefit from a more favorable product mix.
Input costs are expected to be higher for energy and wood.
No planned maintenance outages are scheduled in the first quarter.
In January 2013 the Company announced the permanent shutdown of a coated paperboard machine at the Augusta mill with an annual capacity of 140,000 tons.
Foodservice sales volumes are expected to increase.
Average sales margins are expected to decrease due to the realization of sales price decreases effective with our January contract openers.
Input costs for board and resin are expected to be lower and operating costs are also expected to decrease.
European Consumer Packaging net sales in 2012 were $380 million compared with $375 million in 2011 and $345 million in 2010.
Operating profits in 2012 were $99 million compared with $93 million in 2011 and $76 million in 2010.
Sales volumes in 2012 increased from 2011.
Average sales price realizations were higher in Russian markets, but were lower in European markets.
Input costs decreased, primarily for wood, and planned maintenance downtime costs were lower in 2012 than in 2011.
Looking forward to the first quarter of 2013, sales volumes are expected to decrease in both Europe and Russia.
Average sales price realizations are expected to be higher in Russia, but be more than offset by decreases in Europe.
Input costs are expected to increase for wood and chemicals.
No maintenance outages are scheduled for the first quarter.
Asian Consumer Packaging net sales were $830 million in 2012 compared with $855 million in 2011 and $705 million in 2010.
Operating profits in 2012 were $4 million compared with $35 million in 2011 and $34 million in 2010.
Sales volumes increased in 2012 compared with 2011 partially due to the start-up of a new coated paperboard machine.
Average sales price realizations were significantly lower, but were partially offset by lower input costs for purchased pulp.
Start-up costs for a new coated paperboard machine adversely impacted operating profits in 2012.
In the first quarter of 2013, sales volumes are expected to increase slightly.
Average sales price realizations for folding carton board and bristols board are expected to be lower reflecting increased competitive pressures and seasonally weaker market demand.
Input costs should be higher for pulp and chemicals.
However, costs related to the ramp-up of the new coated paperboard machine should be lower.
Distribution xpedx, our distribution business, is one of North America’s leading business-to-business distributors to manufacturers, facility managers and printers, providing customized solutions that are designed to improve efficiency, reduce costs and deliver results.
Customer demand is generally sensitive to changes in economic conditions and consumer behavior, along with segment specific activity including corporate advertising and promotional spending, government spending and domestic manufacturing activity.
Distribution’s margins are relatively stable across an economic cycle.
Providing customers with the best choice for value in both products and supply chain services is a key competitive factor.
Additionally, efficient customer service, cost-effective logistics and focused working capital management are key factors in this segment’s profitability.
## Table 2 ##
Distribution’s 2012 annual sales decreased 9% from 2011, and decreased 10% from 2010.
Operating profits in 2012 were $22 million ($71 million excluding reorganization costs) compared with $34 million ($86 million excluding reorganization costs) in 2011 and $78 million in 2010.
Annual sales of printing papers and graphic arts supplies and equipment totaled $3.5 billion in 2012 compared with $4.0 billion in 2011 and $4.2 billion in 2010, reflecting declining demand and the exiting of unprofitable businesses.
Trade margins as a percent of sales for printing papers were relatively even with both 2011 and 2010.
Revenue from packaging products was flat at $1.6 billion in both 2012 and 2011 and up slightly compared to $1.5 billion in 2010.
Packaging margins increased in 2012 from both 2011 and 2010, reflecting the successful execution of strategic sourcing initiatives.
Facility supplies annual revenue was $0.9 billion in 2012, down compared to $1.0 billion in 2011 and 2010.
Operating profits in 2012 included $49 million of reorganization costs for severance, professional services and asset write-downs compared with $52

<table><tr><td></td><td colspan="6">For the Year Ended December 31,</td></tr><tr><td></td><td colspan="2">2014</td><td colspan="2">2013</td><td colspan="2">2012</td></tr><tr><td>(dollars in millions)</td><td>Number of Contracts</td><td>Balance Defaulted</td><td>Number of Contracts</td><td>Balance Defaulted</td><td>Number of Contracts</td><td>Balance Defaulted</td></tr><tr><td>Commercial</td><td>37</td><td>$12</td><td>18</td><td>$1</td><td>4</td><td>$3</td></tr><tr><td>Commercial real estate</td><td>3</td><td>1</td><td>3</td><td>1</td><td>1</td><td>5</td></tr><tr><td>Total commercial</td><td>40</td><td>13</td><td>21</td><td>2</td><td>5</td><td>8</td></tr><tr><td>Residential mortgages</td><td>301</td><td>35</td><td>526</td><td>60</td><td>208</td><td>35</td></tr><tr><td>Home equity loans</td><td>329</td><td>24</td><td>740</td><td>43</td><td>318</td><td>31</td></tr><tr><td>Home equity lines of credit</td><td>229</td><td>12</td><td>394</td><td>21</td><td>187</td><td>15</td></tr><tr><td>Home equity loans serviced by others<sup>-1</sup></td><td>60</td><td>2</td><td>187</td><td>3</td><td>194</td><td>14</td></tr><tr><td>Home equity lines of credit serviced by others<sup>-1</sup></td><td>20</td><td>—</td><td>42</td><td>2</td><td>14</td><td>1</td></tr><tr><td>Automobile</td><td>112</td><td>1</td><td>208</td><td>1</td><td>143</td><td>1</td></tr><tr><td>Student</td><td>355</td><td>7</td><td>885</td><td>17</td><td>—</td><td>—</td></tr><tr><td>Credit cards</td><td>579</td><td>3</td><td>548</td><td>3</td><td>628</td><td>4</td></tr><tr><td>Other retail</td><td>12</td><td>—</td><td>33</td><td>1</td><td>8</td><td>—</td></tr><tr><td>Total retail</td><td>1,997</td><td>84</td><td>3,563</td><td>151</td><td>1,700</td><td>101</td></tr><tr><td>Total</td><td>2,037</td><td>$97</td><td>3,584</td><td>$153</td><td>1,705</td><td>$109</td></tr></table>
<table><tr><td></td><td colspan="2">Common stock</td></tr><tr><td></td><td>Treasury</td><td>Outstanding</td></tr><tr><td> Balance at end of 2013</td><td>106,895,705</td><td>1,071,011,162</td></tr><tr><td>Conversion of convertible notes</td><td>-</td><td>89,383,953</td></tr><tr><td>Private placement</td><td>-</td><td>36,523,010</td></tr><tr><td>Issued for stock-based compensation plans</td><td>-19,745,536</td><td>19,745,536</td></tr><tr><td> Balance at end of 2014</td><td>87,150,169</td><td>1,216,663,661</td></tr><tr><td>Acquisition of RTI</td><td>-</td><td>87,397,414</td></tr><tr><td>Issued for stock-based compensation plans</td><td>-6,099,066</td><td>6,099,066</td></tr><tr><td> Balance at end of 2015</td><td>81,051,103</td><td>1,310,160,141</td></tr><tr><td>Treasury stock retirement</td><td>-75,831,443</td><td>-</td></tr><tr><td>Reverse Stock Split (A)</td><td>-</td><td>-876,942,489</td></tr><tr><td>Issued for stock-based compensation plans</td><td>-5,219,660</td><td>5,302,128</td></tr><tr><td> Balance at end of 2016</td><td>-</td><td>438,519,780</td></tr></table>
<table><tr><td>In millions</td><td>2012</td><td>2011</td><td>2010</td></tr><tr><td>Sales</td><td>$6,040</td><td>$6,630</td><td>$6,735</td></tr><tr><td>Operating Profit</td><td>22</td><td>34</td><td>78</td></tr></table>

Question: What's the growth rate of Home equity loans in 2014?